Rupee strengthens against US dollar on Thursday
Indian rupee strengthened against the US dollar on Thursday on account of firm macroeconomic data. India's economy grew by 6.1% in the last quarter of 2022-23 fiscal, up from a revised 4.5% in the previous quarter, government data showed. Meanwhile, the Centre's fiscal deficit narrowed to 6.4% of the GDP in 2022-23 from 6.71% in FY22. Rupee improved further on sustained foreign fund buying and firm domestic equities following news that the US House of Representatives has passed the US debt ceiling bill to avert US default. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they bought shares worth Rs 3,405.90 crore, exchange data showed.
The partially convertible currency is currently trading at 82.45, stronger by 30 paise from its previous close of 82.75 on Wednesday. The currency touched a high and low of 82.5450 and 82.36 respectively.
