Mumbai: The Indian rupee recovered from its all-time low level and appreciated against the US dollar in early trade on Friday. The positive trend in domestic equities supported the Indian currency. But, foreign fund outflows from Indian equities following the government’s decision to hike the tax rate on capital gains weighed on the local currency and restricted the upmove.
At the interbank foreign exchange market, the local currency opened at 83.72 against the American currency, then rose to 83.69 against the American currency, registering a rise of 9 paise from its previous close. On Thursday, the rupee dropped by 7 paise to close at an all-time low of 83.78 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 at 104.30, lower by 0.05 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday as they offloaded shares worth Rs 2,605.49 crore.
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