Mumbai: The Indian rupee appreciated against the US dollar in early trade on Friday. The upward rally of the Indian currency was supported by weakening of the American currency in the overseas market and significant foreign fund inflows. Forex traders said the rupee continues to trade within a tight range, as the Reserve Bank of India (RBI) is maintaining a firm grip on the domestic currency.
At the interbank foreign exchange market, the local currency opened at 83.92, then inched further to touch 83.91, registering a rise of 5 paise from its previous close. On Thursday, the local unit settled 3 paise higher at 83.96 against the US dollar.
Also Read: India’s retail inflation at 3.65% in August
Meanwhile, the dollar index, which gauges the US dollar ‘s strength against a basket of six currencies, was down 0.30 per cent to 101.06 points. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Thursday, as they purchased shares worth Rs 7,695.00 crore. On the domestic macroeconomic front, retail inflation in August inched up to 3.65 per cent. India’s industrial production output decelerated to 4.8 per cent year-on-year in July 2024.
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