Indian rupee strengthened against the US dollar on Monday, tracking a firm trend in domestic equities and after Softer economic data from the United States fueled expectations of a slower pace of interest rate hikes by the US Federal Reserve. Weak American currency at overseas markets also supported rupee sentiments. Although, sustained foreign fund outflows from the capital market has made traders cautious. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 2,902.46 crore, exchange data showed.
The partially convertible currency is currently trading at 82.33, stronger by 33 paise from its previous close of 82.66 on Friday. The currency touched a high and low of 82.4275 and 82.2500 respectively.