Mumbai: The Indian currency rose against the US dollar in early trade on Friday. The positive trend in the Indian equity markets supported the Indian rupee. But, a strong American currency and elevated crude oil prices, weighed on the local currency.
At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the American currency in initial deals, registering a gain of 4 paise from its previous close. On Thursday, the Indian rupee settled 3 paise lower at 83.05 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was 0.12 per cent up at 104.32. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday as they sold shares worth Rs 3,064.15 crore.
Government data showed the India’s exports increased 3.12 per cent on-year to $36.92 billion in January. Imports rose by about 3 per cent to $54.41 billion and the trade deficit stood at $17.49 billion.
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