Mumbai: The Indian rupee rose against the US dollar in early trade on Friday. As per forex traders, weakening the US dollar supported the upward rally of the Indian currency. However, a rise in crude oil prices, weak start to the day in the domestic equity markets and constant FII outflows capped further gains in the domestic currency.
At the interbank foreign exchange, the Indian rupee opened at 83.97 against the US dollar, 1 paisa higher than previous day’s close, before rising to 83.96. The local currency had settled at 83.98 on Thursday.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was down 0.11 per cent to 102.87 points. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday, as they offloaded shares worth Rs 4,926.61 crore.
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