Rupee strengthens against US dollar on slightly firm domestic equities
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Indian rupee strengthened against the US dollar on Thursday tracking slightly firm domestic equities, while rupee trading is expected to remain range-bound this week ahead of the year-end holidays. However, growing concerns over the global surge in Omicron variant cases and its impact on economic recovery, foreign fund outflows from capital market and firm crude oil prices have weighed on rupee sentiments and capped its further gains. Foreign Institutional Investors were net sellers in the capital market as they offloaded shares worth Rs 975.23 crore on Wednesday, exchange data showed. On the global front, US dollar index was inched up in Asian trade, but traded near the low end of its recent range along with the Japanese yen, but moves remained small due to holiday-thinned trading.
The partially convertible currency is currently trading at 74.64, stronger by 7 paise from its previous close of 74.71 on Wednesday. The currency touched a high and low of 74.6575 and 74.5600 respectively.
