The Indian rupee depreciated 13 paise to 73.73 against the US dollar in opening trade on Wednesday strengthening the American currency. Opening on a weak note at 73.67 and falling further to 73.73, registered a fall of 13 paise over its last close. Earlier on Tuesday, the rupee had settled at 73.60 against the US dollar.

According to most of the Forex traders, a strong dollar has muted domestic equities and sustained foreign fund outflows, weighing on investor sentiment. Meanwhile, the indo-china border tension also has damped the investor sentiment. Meanwhile, the dollar index, which gauges its strength against a basket of six currencies, rose 0.02% to 93.46.

According to provisional exchange data, foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs.1056.52 crore on a net basis on Tuesday. A foreign institutional investor (FII) is an investor or investment fund investing in a country outside of the one it is registered or headquartered, FII is the term most commonly used in India and China where it refers to outside entities investing in the nation’s financial markets.

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