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Forex Market: Indian rupee rises against US dollar

Mumbai: The Indian rupee  appreciated against US dollar in early trade on Thursday. The weakening of the American currency in the overseas market, drop in crude oil prices, sustained  foreign fund inflows and a positive trend in domestic equities supported the upward rally of the Indian currency.

At the interbank foreign exchange market, the local currency opened at 83.98, then inched further to touch 83.97, registering a rise of 4 paise from its previous close. On Wednesday, the Indian rupee breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency.

Also Read: Commodity Market: Gold price remain firm for third day in a row 

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.03 per cent to 101.32 points. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Wednesday, as they purchased shares worth Rs 975.46 crore.

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