Mumbai: The Indian rupee rallied for the fourth straight session and rose against the US dollar in early trade on Thursday (April 17). As per forex traders, a renewed inflow of foreign funds in domestic equities and a weak American currency supported the Indian currency. However, subdued equity market sentiment and a slight recovery in crude oil prices put the local currency under pressure.
At the interbank foreign exchange, the domestic currency opened at 85.48 and slipped to 85.54 against the US dollar in early deals, trading 10 paise higher from its previous closing level. The rupee closed Wednesday’s (April 16’s) session with a gain of 16 paise at 85.64 against the dollar. The Indian currency strengthened by 104 paise in the preceding three sessions since the level of 86.68 against the US dollar, its closing mark recorded on April 9.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally higher by 0.14% at 99.28. Foreign institutional investors (FIIs) bought Indian equities worth Rs 3,936.42 crore on a net basis on Wednesday .
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