Rupee inches 6 paise higher to 73.46 against US dollar in early trade

Forex traders said the broad weakness of the American currency in the overseas market and sustained foreign fund inflows supported the local unit, while firm crude oil prices restricted the gains.

Mumbai: The Indian rupee inched higher by 6 paise to 73.46 against the US dollar in opening trade on Friday, tracking a firm trend in domestic equities.

Forex traders said the broad weakness of the American currency in the overseas market and sustained foreign fund inflows supported the local unit, while firm crude oil prices restricted the gains.

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At the interbank foreign exchange, the rupee opened at 73.49 against the dollar, then inched higher to 73.46, up 6 paise over its previous close.

On Thursday, the rupee had settled at 73.52 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.11 per cent to 92.83.

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 1,621.88 crore, as per exchange data.

On the domestic equity market front, BSE Sensex was trading 429.6 points or 0.73 per cent higher at 59,570.76, while the broader NSE Nifty advanced 119.60 points or 0. 68 per cent to 17,749.10.

Meanwhile, global oil benchmark Brent crude futures fell 0.24 per cent to USD 75.49 per barrel.