Rupee strengthens against US dollar in early trade on Friday
The Indian rupee strengthened against the US dollar in early trade on Friday on likely RBI intervention to stem its further slide after Brent crude oil prices crossed the $100-mark owing to heightened tensions in West Asia following claims by Yemen's Tehran-backed Houthi militant group that they attacked two Saudi Arabian tankers in the Red Sea. Furthermore, a softer American currency also provided mild support to the domestic unit. However, some gains were limited by foreign fund outflows, a sustained slide in the domestic equity markets, and concerns over the United States imposing a 10% tariff on goods imported from India and 16 other countries as part of its efforts to combat the use of forced labor. Foreign Institutional Investors (FIIs) offloaded equities worth $2,999.23 crore on a net basis on Thursday, exchange data showed.
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