The Indian rupee opened slightly stronger against the US dollar on Friday, despite ongoing stock selloffs. It rose by 2 paise to Rs 84.05 compared to Thursday’s close of Rs 84.07, indicating limited movement for the currency.
Foreign institutional investors (FIIs) continued their selling streak in Indian stocks for the 14th straight day, driven by concerns about the slowing economy and current stock valuations. Over the last 12 trading sessions, FIIs have sold more than Rs 85,700 crore worth of domestic shares, based on data from the National Stock Exchange.
Meanwhile, crude oil prices are expected to remain volatile, with heightened tensions in West Asia following Israel’s killing of Hamas leader Yahya Sinwar, who played a major role in last year’s October 7 attacks. This geopolitical tension has kept oil markets on edge.
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As of 9:41 p.m., Brent crude was trading slightly higher by 0.21%, priced at $74.61 per barrel. The US Dollar Index, which measures the dollar’s strength, had slipped 0.12% to 103.70 by 9:14 a.m.
The USD-INR exchange rate faces resistance in the range of 84.10 to 84.20. However, it may move toward the 83.80 level if selling pressure persists in the near term.
