Mumbai: The Indian rupee appreciated against the US dollar in morning trade on Friday. The Indian currency was supported by positive domestic equities, weak crude oil prices and soft American currency index. While sustained foreign fund outflows weighed on the local currency. Forex traders further noted that the upcoming Union Budget will play a crucial role in shaping market sentiment and the rupee’s trajectory.
At the interbank foreign exchange, the Indian rupee opened at 86.31 and touched 86.26 against the US dollar, registering a rise of 18 paise from its previous close. The local currency also touched 86.33 against the US dollar initial trade. On Thursday, the Indian rupee declined 9 paise to settle at 86.44 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.15 per cent at 107.88.Foreign Institutional Investors (FIIs) remained net sellers in the Indian capital markets on Thursday, as they offloaded shares worth Rs 5,462.52 crore.
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