Mumbai: Indian rupee appreciated against US dollar in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index. Forex traders said post the Reserve Bank of India’s monetary policy announcement, markets now await for US CPI data, India CPI, WPI and IIP data and India’s trade data all scheduled to be released next week.
At the interbank foreign exchange, the Indian rupee opened at 83.95 against the US dollar, then touched 83.89, registering a rise of 8 paise over its previous closing price. On Thursday, the rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 against 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 0.03 per cent lower at 103.17.Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Thursday as they offloaded shares worth Rs 2,626.73 crore.
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