Mumbai: The Indian rupee edged higher against the US dollar in the forex market. The heavy buying in domestic equities and weakening of the US dollar has supported the domestic currency. But, the rising crude oil prices and sustained foreign fund outflows limit the local currency’s gain.
At the interbank foreign exchange, the Indian currency opened at 77.60 against the American dollar. During trading it then reached at 77.59, registering a rise of 2 paise over the previous close. On Thursday, the Indian rupee settled at 77.61 against the American currency.
The dollar index, which measures the US currency’s strength against a basket of six currencies, was trading 0.34% lower at 101.49. Foreign institutional investors remained net sellers in the Indian equity market as they offloaded shares worth Rs 1,597.84 crore.