Mumbai: The Indian rupee witnessed some recovery from its all-time low level and appreciated against the US dollar in early trade on Friday. Favourable domestic inflation data supported the Indian currency. However, a strengthening American currency and volatile domestic equity markets amid foreign fund outflows capped the recovery in the local currency.
At the interbank foreign exchange, the Indian rupee opened at 84.85 and inched up further to 84.83 against the US dollar, registering a gain of 5 paise from its previous close. On Thursday, the rupee fell 5 paise to end the session at the lowest level of 84.88 against the US dollar. The previous record low closing level was recorded on December 9, when the unit settled 20 paise lower at 84.86 against the dollar.
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The latest official data released on Thursday showed India’s retail inflation declined in November to 5.48 per cent. The country’s industrial production (IIP) growth, however, slowed to 3.5 per cent year-on-year in October 2024.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading higher by 0.12 per cent at 106.77. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday, as they offloaded shares worth Rs 3,560.01 crore.
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