Mumbai: The Indian currency paused its three-day slide against the US dollar. The Indian rupee edged higher against the US dollar in early trade on Friday. The positive cues from the domestic equity markets and a weak American currency overseas supported the upward rally of the Indian rupee. But, the rising crude oil prices and selling pressure from foreign equity investors continued to weigh on the Indian currency.
At the interbank foreign exchange market, the local currency opened at 83.24 and gained further to reach 83.23 against the US dollar, up 2 paise from its previous close. The rupee settled 8 paise lower at 83.25 against the dollar on Thursday. It had dropped 4 paise on Monday, followed by a dip of 1 paisa on Wednesday when it closed at 83.17 against the dollar. Forex markets were closed on Tuesday on account of Dussehra.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.03% lower at 106.57. Foreign Institutional Investors sold equities worth Rs 7,702.53 crore.
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