Rupee strengthens against US dollar amid foreign fund inflows
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Indian rupee strengthened against the US dollar on Wednesday amid foreign fund inflows into the capital market. Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,273.86 crore on Tuesday, exchange data showed. Meanwhile investors are awaiting the minutes of the Fed’s December meeting due later in the day, which will be scrutinized for clues for the central bank’s rate hikes timetable. However, growing concerns over the Omicron variant of the coronavirus and its impact on economic recovery, rising crude oil prices have capped the appreciation bias in the domestic unit.
The partially convertible currency is currently trading at 74.51, stronger by 7 paise from its previous close of 74.58 on Tuesday. The currency touched a high and low of 74.5575 and 74.4600 respectively.
