Mumbai: The Indian rupee appreciated against the US dollar in early trade on Friday, supported by a positive trend in domestic equities and foreign fund inflows. Forex traders said the strength of the American currency in the overseas market and elevated crude oil prices weighed on the local currency and restricted the appreciation bias.
At the interbank foreign exchange market, the local currency opened at 83.42 and gained to trade at 83.37 against the US dollar in initial deals, registering an increase of 8 paise from its previous closing level. On Thursday, the Indian rupee appreciated 12 paise to settle at 83.45 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 trading higher by 0.15 per cent at 106.06. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Thursday, as they purchased shares worth Rs 7,658.77 crore.
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