Mumbai: The Indian rupee appreciated against the US dollar in early trade on Friday as the American currency retreated from elevated level and domestic equity markets shows favourable trend.The local currency, however, remained under pressure due to unabated foreign fund withdrawal and higher crude oil prices, forex traders said.
At the interbank foreign exchange, the Indian rupee opened at 86.86 and gained further ground to trade at 86.85 against the US dollar during early deals, up 8 paise from its previous close. On Thursday, the Indian rupee settled almost flat with a gain of just 2 paise at 86.93 against the US dollar. The unit had closed 16 paise lower on Wednesday, a day after surging 66 paise, witnessing the highest single day rise in nearly two years.
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Meanwhile, the US dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.17 per cent lower at 107.03. Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 2,789.91 crore on net basis on Thursday.
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