Mumbai: The Indian rupee rose against the US dollar in early trade on Friday. The weakening of the American currency on the back of easing US bond yield supported the Indian currency. However, muted trend in domestic equity markets, unabated outflow of foreign funds and increased volatility in crude oil prices triggered by geopolitical situation put pressure on the Indian currency.
At the interbank foreign exchange, the domestic currency opened at 83.25 against the greenback, 2 paise higher from its previous close. On Thursday, the domestic currency settled at 83.27 against the dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.05%t higher at 101.52. Foreign institutional investors (FIIs) were net sellers in the Indian equity market on Thursday as they offloaded shares worth Rs 1,636.19 crore.
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