The rupee gained 5 paise to 94.46 against the US dollar in early trade on Friday, supported by optimism over rising foreign inflows and a rise in risk appetite.
Forex traders said the rupee is poised to gain strength, supported by strong underlying inflows and aggressive RBI intervention. However, higher crude oil prices and potential US-Iran tensions could limit further gains.
At the interbank foreign exchange market, the rupee opened at 94.53 against the US dollar, then gained ground to touch 94.46, registering a gain of 5 paise from its previous close.
On Thursday, the rupee extended its gaining momentum for the fifth straight session appreciating 22 paise to close at 94.51 against the US dollar.
India mobilised a record USD 127.23 billion through foreign-currency deposits under a special central-bank programme aimed at bolstering the country’s foreign-exchange liquidity.
Including overseas foreign-currency borrowings (OFCB) and external commercial borrowings (ECB), total inflo
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