Mumbai: The Indian rupee edged higher against the US dollar in early trade on Friday. The positive trend in the Indian equity markets, the weakness of the American currency in the overseas market and the interim budget focused on higher capex and faster fiscal consolidation supported the local currency. Forex traders said the interim budget had a positive impact on the domestic currency as it highlighted a reduction in the fiscal deficit to 5.1% of GDP for FY25.
At the interbank foreign exchange, the Indian rupee opened at 82.91 against the dollar and then touched a high of 82.82, registering a gain of 16 paise over its previous close. The rupee appreciated by 6 paise to close at 82.98 against the US dollar on Thursday.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.03 per cent lower at 103.01. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday as they offloaded shares worth Rs 1,879.58 crore.
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