Mumbai: The Indian rupee gained against the US dollar dollar in early trade on Friday. According to the forex traders, the softening American currency supported the Indian currency. But, rising crude oil prices and volatile global trends failed to prevent the withdrawal of foreign funds from domestic equities, capping a significant recovery in the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 86.60 and touched a high of 86.55 before trading at 86.58 against the US dollar in initial deals, 3 paise higher from its previous close. On Thursday, the rupee depreciated 21 paise to close at 86.61 against the US dollar. The local unit had settled with a gain of 13 paise at 86.40 against the dollar on Wednesday, a day after rebounding 17 paise from its lowest-ever level of 86.70 against the American currency.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.02 per cent lower at 108.80.Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 4,341.95 crore on Thursday.