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Indian rupee strengthened marginally against US dollar on Thursday. Initially, rupee fell to a fresh record low of 80.06 against the US dollar, tracking losses in most other Asian peers. Investors were also cautious ahead of major central bank monetary policy meetings with fears that monetary tightening across major countries to tame high inflation may lead economies into recession. Though, domestic unit managed to recover losses and strengthened marginally amid foreign fund inflows, falling crude prices and RBI’s dollar-selling intervention. Foreign Institutional Investors (FIIs) bought shares worth a net Rs 1780.94 crore in the Indian equity market on July 20, exchange data showed.

The partially convertible currency is currently trading at 79.98, stronger by 7 paise from its previous close of 80.05 on Wednesday. The currency touched a high and low of 80.06 and 79.92 respectively.