Indian rupee strengthened against US dollar on Wednesday due to foreign fund inflows in to the capital market. Foreign Institutional Investors (FIIs) turned net buyers in the capital market on Tuesday as they purchased shares worth Rs 563.00 crore, as per exchange data. Although, investors are waiting for Fed Chair Jerome Powell’s address to the Jackson Hole Symposium this Friday for further cues on how aggressively the central bank is likely to be with future interest rate hikes. Surge in crude oil price and strength of the American currency at overseas market prevented further gains in rupee.
The partially convertible currency is currently trading at 79.79, stronger by 4 paise from its previous close of 79.83 on Tuesday. The currency touched a high and low of 79.87 and 79.6850 respectively.