The Indian rupee opened 21 paise higher against the US Dollar on Friday, tracking a broad weakness in the dollar index and a fall in Crude Oil Prices. The local currency opened sharply higher at 81.96 a dollar as compared to its previous close of 82.17.
The dollar index, which measures the US currency against six major peers, was at 102.13, drifting near a one-month low, as a new set of US data fuelled hopes that the US Federal Reserve may decide to be less hawkish than expected, Reuters reported.
On Thursday, the rupee hit a five-week high of 82.03 before settling at 82.17. The rupee has gained about 0.35% so far this week, benefiting from likely corporate dollar inflows.
Crude Oil prices traded lower, supporting the local currency.
Brent futures fell 0.17% to $75.54 a barrel, while US West Texas Intermediate (WTI) crude dropped 0.27% to $70.43 a barrel.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty were trading marginally higher in the pre-opening session.
On Thursday, Foreign Institutional Investors (FIIs) net bought Indian shares worth ₹3,085.51 crore, while Domestic Institutional Investors (DIIs) net sold Indian equities worth ₹297.88 crore.
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Updated: 16 Jun 2023, 09:12 AM IST
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