The Indian rupee showed marginal strength on Friday, gaining 2 paise to trade at 95.43 against the US dollar during the early hours of trading. The modest uptick was supported by a weaker greenback in overseas markets.
The currency opened at 95.39 at the interbank foreign exchange market before slipping slightly to 95.43. On Thursday, the rupee had closed 12 paise lower at 95.45, making Friday’s recovery a partial clawback of the previous session’s losses.
Despite the dollar’s weakness, forex traders noted that the rupee remained under pressure from sustained foreign fund outflows from domestic equities and rising crude oil prices. The dollar index, which measures the greenback against six major currencies, was trading 0.08% lower at 99.78. Brent crude futures edged up 0.16% to $87.21 per barrel, adding to concerns about India’s import bill.
