The Indian currency moved higher against the US dollar during Friday morning trade. This partially convertible unit reached 94.10, which marks a gain of 31 paise compared to the previous close of 94.41 recorded on Thursday.
Market participants noted that sustained inflows from Foreign Institutional Investors provided support to the local currency. Official data confirmed that these investors were net buyers in the equity segment on Thursday, with total purchases amounting to Rs 14,974.68 crore. Furthermore, market sentiment improved due to expectations of a faster resolution to the Middle East conflict, following the results of the US midterm elections.
Despite these factors, the currency faced resistance from a stronger US dollar index and firm crude oil prices, which prevented additional appreciation. Throughout the early session, the rupee fluctuated between a high of 94.08 and a low of 94.50. The currency continues to track global developments and domestic investment flows as it navigates these competing economic pressures in the current trading environment.
Based on company and agency reports. For information only; not investment advice.