Mumbai: The Indian rupee opened in a narrow range against the US dollar in morning trade on Friday. The Indian currency was supported by easing crude oil prices and fresh foreign fund inflows.
At the interbank foreign exchange market, the local currency opened at 83.93 and then gained and touched 83.88, registering a rise of 5 paise from its previous close. On Thursday, the Indian rupee traded in a narrow range and settled lower by 3 paise at 83.93 against the American currency.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was down 0.15 per cent to 101.35 points. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Thursday as they purchased shares worth Rs 1,371.79 crore.
On the domestic macroeconomic front, the minutes of the last Monetary Policy Committee (MPC) released by the RBI noted that the calibrated increase in policy repo rate by 250 basis points since May 2022 and subsequent change of stance to the withdrawal of accommodation have facilitated gradual disinflation over 2022-23.
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