Mumbai: The Indian rupee climbed against the US dollar in early trade on Thursday on the back of easing American currency and receding crude oil prices overseas. The local currency found support due to some recovery in domestic equity markets triggered by the better-than-expected inflation data that was released by the government.
At the interbank foreign exchange, the Indian rupee opened stronger at 86.82 and gained further ground to trade at 86.81 against the US dollar during early deals, registering a gain of 14 paise from its previous close. On Wednesday, the domestic currency closed 16 paise lower at 86.95 against the dollar. In the preceding session on Tuesday, the rupee had appreciated 66 paise, logging the maximum single-day gain since March 3, 2023, to close at 86.79 against the American currency
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Meanwhile, the US dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.22 per cent lower at 107.59. Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 4,969.30 crore on net basis on Wednesday.