The rupee appreciated by 2 paise to trade at 83.72 against the U.S. dollar in the early session on July 29 amid a weak dollar in the overseas markets.
At the interbank foreign exchange market, the rupee opened firm at 83.70 against the U.S. dollar. The local currency moved in a tight range of 83.70 to 83.72 in early trade.
The rupee was trading at 83.72 against the U.S. dollar at 9.30 a.m.
“Foreign fund outflows from Indian equities after the Government’s decision to hike the tax rate on capital gains weighed on the local currency and restricted the up move,” Forex traders said.
The domestic currency had recovered from its all-time low by 5 paise to settle at 83.73 against the U.S. dollar on July 26, on the strength in domestic markets and expectations of fresh foreign inflows.
In the domestic equity market, the 30-share BSE Sensex hit an all-time high, rising 355.7 points or…
