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Forex Market: Indian rupee gains against US dollar

Mumbai:  The Indian rupee gained against US dollar  in early trade on Friday.  The weakening of the US dollar and positive trend in the Indian equity markets supported the upward rally of the Indian currency. But, massive selling of equities by foreign investors and an upward trend in crude oil prices capped the rise of domestic currency.

At the interbank foreign exchange, the Indian currency  opened strong at 83.13 against the US dollar.  It later traded at 83.10 against the US dollar, registering a gain of 9 paise from its previous close. On Thursday, the Indian rupee settled 3 paise higher at 83.19.

Also Read: Asian Games 2023: List of India’s medal winners 

The  dollar index, which gauges the US currency’s strength against a basket of six currencies, declined by 0.19% to 106.02. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital market on Thursday as they offloaded shares worth Rs 3,364.22 crore.

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