Noida, Oct 9 (APAC Media): The rupee appreciated 23 paise to 96.65 against the US dollar in early trade on Friday, supported by a decline in the American currency and lower crude oil prices.
At the interbank foreign exchange market, the rupee opened at 96.74 against the US dollar and strengthened to 96.65. The domestic currency had settled 13 paise lower at 96.88 against the dollar on Thursday.
The dollar index, which measures the greenback’s strength against a basket of six currencies, declined 0.10 per cent to 102.03. Brent crude futures fell 1.09 per cent to USD 103.14 per barrel.
Forex market participants said the rupee’s gains were also supported by expectations of possible intervention by the Reserve Bank of India.
However, sustained foreign fund outflows and uncertainty over global developments continued to weigh on investor sentiment.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12,943.58 crore on a net basis on Thursday, according to exchange data.
Meanwhile, domestic equity markets opened higher, with the BSE Sensex rising 292 points to 71,876.10 and the NSE Nifty gaining 84.60 points to 22,310.40 in early trade.
Market participants are expected to track movements in crude oil prices, the dollar index, foreign investment flows and global developments for further cues on the rupee’s movement.
-ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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