Rupee rises 5 paise to 83.45 against US dollar during early trade

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Rupee rises 5 paise to 83.45 against US dollar during early trade - Business Standard

Quick Summary:

The rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, as the American currency retreated from its elevated levels and was supported by significant foreign fund inflows.

"The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel.

At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close.