Rupee gains marginally against US dollar on Friday
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Indian rupee gained marginally against the US dollar on Friday, supported by firm domestic equities and weak US dollar. Weakness in crude oil prices globally following a decision by OPEC+ to increase production also supported rupee sentiments. Although, data released yesterday showing that India’s trade deficit widened to $23.3 billion in May, with imports rising by $60.62 billion and exports by $37.29 billion. Investors are awaiting US employment data due later in the day and the RBI’s next policy statement on June 8. Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 451.82 crore, exchange data showed.
The partially convertible currency is currently trading at 77.57, stronger by 3 paise from its previous close of 77.60 on Thursday. The currency touched a high and low of 77.5850 and 77.4700 respectively.
