Mumbai: The Indian rupee edged higher against the US dollar in the forex market. The easing crude oil prices supported the domestic currency. But, the sustained foreign fund outflows, strengthening of the US dollar and negative trend in the Indian equity market capped the gains of the domestic currency.
At the interbank foreign exchange, the Indian rupee opened strong at 78.03 against the US dollar. During trading, it then inched lower to 78.04, registering a rise of 6 paise over the last close. On Thursday, the local currency had closed at 78.10 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.60% to 104.25. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 3,257.65 crore.
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