The Indian rupee has jumped 28 paise to 92.86 against the US dollar in early trade on Friday despite prevailing uncertainty in the West Asia crisis amid positive sentiment in domestic equity markets.
Return of foreign investor sentiment in Indian markets has also supported the local currency even though it stayed under pressure due to a strong dollar and high-yielding US Treasury bonds.
At the interbank foreign exchange market, the rupee opened at 92.93 and gained more ground to climb to 92.86 against the greenback in early deals.
On Thursday, the rupee gained 19 paise to 93.14 against the US dollar after the previous trading session.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, has now risen by 0.05 per cent to 98.07 on Friday.
In a latest development on the geopolitical front, China, a close ally of Iran and the largest importer of Iranian oil, has asked Tehran to ensure freedom and safe passage through the Strait of Hormuz, a key international trade route.
On the domestic equity market front, the BSE Sensex gained 176.08 points or 0.23 per cent to 78,164.76 in early trade, while the Nifty rose 33.90 points or 0.14 per cent to 24,232.60.
According to forex traders, Foreign Institutional Investors turned buyers on Thursday as they bought equities worth ₹382.36 crore.
Also read: Indian stock markets witness muted opening on Friday
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