Mumbai: The Indian rupee traded flat against the US currency in early trade on Friday . Firm crude oil prices and gains in domestic stocks supported the Indian currency. Forex dealers said the impact of firm crude oil prices was offset by overnight losses in the US dollar index and early gains in the domestic equity markets.
At the interbank foreign exchange market, the Indian rupee opened flat at 83.53 against the US dollar. Foreign institutional investors (FIIs) were net sellers in the Indiancapital markets on Thursday as they offloaded shares worth Rs 1,137.01 crore.
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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 per cent lower at 104.49. The US dollar index eased on Thursday after softer US inflation data raised hopes of rate cut by the US Fed by September.
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