Mumbai: The Indian rupee edged higher against the US dollar in morning trade on Friday. As per forex traders, sustained foreign fund inflows and a positive trend in domestic equities supported the Indian currency. But, the recovery in the US dollar and month-end dollar demand from importers and oil marketing companies (OMCs) weighed on investor sentiments.
At the interbank foreign exchange market, the local currency opened at 83.83, then gained ground to touch 83.82, registering a rise of 7 paise from its previous close. On Thursday, the Indian rupee appreciated 8 paise to close at 83.89 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 up 0.03 per cent to 101.37 points. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Thursday, as they purchased shares worth Rs 3,259.56 crore, according to exchange data.
Meanwhile, Moody’s Ratings on Thursday raised India’s GDP growth forecast for 2024 and 2025 calendar year to 7.2 per cent and 6.6 per cent.
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