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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee sustained its gaining streak for the third straight session. The local currency  rose against the US dollar in early trade on Friday. The firm domestic equity market, lower crude oil prices and weakening American currency supported the Indian currency.

At the interbank foreign exchange market, the Indian currency opened at 83.63 and strengthened further to 83.56 against the US dollar, trading 9 paise higher than its previous closing level. The local currency  gained 11 paise to settle at 83.65 against the US dollar on Thursday after settling 10 paise higher on Tuesday. The Forex market was closed on Wednesday due to a holiday declared by the Maharashtra government.

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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was down 0.07 per cent to 100.24.Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday, as they offloaded shares worth Rs 2,547.53 crore.

 

 

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