Mumbai: The Indian rupee on Friday (May 2) breached the 84-per-dollar mark for the first time since October 2024. Heavy dollar sales by foreign banks, sustained foreign fund inflows, and stronger domestic data powered the upward rally of the Indian currency.
At the interbank foreign exchange, the domestic currency opened at 83.98 against the US dollar, then gained ground and touched 83.77, registering a gain of 77 paise over its previous close. On Wednesday, the rupee surged 42 paise to 84.54 against the US dollar. The forex market was closed on Thursday on account of Maharashtra Day.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.27 per cent at 99.97. Foreign institutional investors (FIIs) bought Indian equities worth Rs 50.57 crore on a net basis on Wednesday.
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