Mumbai: The rupee recovered from previous day’s steep fall and edged higher against the US dollar in early trade on Friday. The sustained inflow of foreign capital, strong domestic equity market sentiment, weakening American currency and easing crude oil prices overseas supported the Indian currency.
At the interbank foreign exchange, the local currency opened at 83.60 and gained further to 83.58 against the American currency, registering a rise of 3 paise. On Thursday, the Indian rupee had plunged 17 paise to hit its over two-month low level of 83.61 against the dollar. The domestic currency recorded its previous lowest closing level of 83.61 on April 16 this year.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.01 per cent at 105.21. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Thursday as they purchased shares worth Rs 415.30 crore.
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