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Rupee strengthens nine paise in early trade

The rupee on Tuesday gained nine paise to 74.13 against the dollar in early trade amid a positive trend in local stock markets.

Forex dealers said, however, the rupee’s gains were restricted due to outflow of foreign capital, a firming dollar in global markets and higher crude oil prices.

The rupee opened at 74.12 per dollar in the interbank foreign exchange market. Later it was trading at 74.13 per dollar with a gain of nine paise.

On Monday, the rupee had closed at 74.22 per dollar.

Meanwhile, the dollar index, which reflects the trend of the dollar against the six currencies, rose 0.08 per cent to 93.04.

Global benchmark Brent crude oil futures were trading 0.33 per cent higher at $68.98 per barrel.