The valuation of Indian national rupee appreciated from 9 paise to 82.69 against the US dollar in early trade on Tuesday, after the prize of crude oil as retreated.
Forex traders said that sustained foreign fund outflows was based on the mood of the investors who restrained from the appreciation bias.
The domestic unit of rupee kicked off at 82.69 against the US currency at the interbank foreign exchange. While on Monday, the rupee depreciated with 17 paise and closed at 82.78 against the US dollar.
Meanwhile, the dollar gauged the greenback’s capacity against a range of six currencies rising from 0.03 per cent to 103.55
“India December Manufacturing PMI came in at 57.8 against 55.7 in November. This shows that economy is still resilient as has also been evident from other high frequency indicators such as car sales and core sector data,” IFA Global Research Academy averred in a research note.
The rupee is possibly going to trade at a 82.55-82.85 range with sideways price action, it further added.
