Mumbai: The Indian currency climbed against the US dollar in early trade on Friday. The strong sentiment in the domestic equity markets and a weak American currency against major rivals overseas supported the Indian currency. But, sustained outflow of foreign funds and elevated level of crude oil prices, weighed on the Indian currency.
At the interbank foreign exchange, the domestic currency opened strong at 83.40. During trading, it touched 83.37 against the dollar, registering a gain of 9 paise from its previous closing level. The Indian rupee had settled 3 paise lower at 83.46 against the US dollar on Thursday.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, declined 0.04 per cent to 105.13. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Thursday, as they sold shares worth Rs 964.47 crore. India’s manufacturing PMI fell to 58.8 in April 2024 from 59.1 in the previous month.
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