The Indian rupee traded 3 paise higher at 83.30 against the US dollar on Friday amid weakness in the greenback and gains in domestic equities. The local currency opened at 83.31 a dollar as compared to its previous close of 83.33.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, eased by 0.02% to 101.94. The 10-year US Treasury yields fell below the 4% level on Thursday following signals by the US Federal Reserve to cut rates next year.
While foreign fund inflows and a weak greenback in the overseas markets strengthened the local unit, a recovery in crude oil prices weighed on the sentiment, forex dealers said.
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Meanwhile, Brent crude futures, the global oil benchmark, rose 0.52% to $77.01 per barrel.
The domestic equity markets also gained in the early trade with the key indices touching record intra-day high levels.
The 30-share BSE Sensex jumped 492.79 points, or 0.70%, to 71,006.99, while the NSE Nifty 50 rallied 150.10 points, or 0.71%, to 21,332.80.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth ₹3,570.07 crore, according to exchange data.
(With inputs from PTI)
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