The domestic currency, the Indian rupee had surged against the US dollar in the early hours trading in the forex market. As per the market experts, the positive opening of Indian share market has supported the Indian rupee’s upward rally.
At the interbank forex market, the Indian rupee opened at 73.01 against the US dollar. The Indian rupee later gained momentum and reached at 72.98 against the US dollar, registering a rise of 7 paise over its previous close.
On Thursday, the Indian rupee had settled at 73.05 against the American currency. The dollar index, which measures the US dollar’s strength against a basket of six currencies, advanced 0.31% to 90.73.
Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 3,712.51 crore on a net basis.