India, July 24 -- The Indian rupee appreciated 22 paise to 96.51 against the US dollar in early trade on Friday, supported by likely intervention from the Reserve Bank of India (RBI) to curb further depreciation after global crude oil prices crossed the USD 100 per barrel mark amid heightened tensions in West Asia.
A weaker US dollar also lent support to the domestic currency. However, persistent foreign institutional investor (FII) outflows and continued weakness in the domestic equity markets kept the rupee under pressure.
In the interbank foreign exchange market, the rupee opened at 96.81 against the dollar before strengthening to 96.51, recovering 22 paise from its previous closing level.
Published by HT Digital Content Services with...