New Delhi ,August 28(HS):

The Indian rupee edged higher on Thursday, supported by a decline in global crude oil prices and weakness in the US dollar index. Despite persistent foreign fund outflows from equities weighing on sentiment, the local currency managed to close on a stronger note against the greenback.

At the interbank foreign exchange market, the rupee settled at 87.62 per US dollar (provisional), registering a 7 paise gain compared to its previous close of 87.69 on Tuesday. The domestic currency had opened higher, starting the day at 87.52, a rise of 17 paise over the previous close, before touching an intraday high of 87.51.

Subsequent selling pressure from foreign institutional investors and dollar withdrawals dragged the rupee to 87.68, nearly erasing its early gains. However, renewed dollar inflows in the latter half of the session helped the currency recover to end firmer.

Against other major currencies, the rupee displayed a mixed trend. It strengthened by 1.38 paise versus the euro, closing at 102.07, but weakened 45 paise against the British pound, which ended the day at 118.32.

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Hindusthan Samachar / Jun Sarkar