Rupee strengthens against US dollar tracing gains of local equities
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Indian rupee strengthened against the US dollar on Thursday tracing the gains of local equities, broad dollar weakness and softening crude oil prices. Additional support came in as foreign institutional investors emerged as net buyers in the capital market on Wednesday as they purchased shares worth Rs 311.99 crore, as per stock exchange data. Meanwhile, Union Commerce and Industry Minister Piyush Goyal stated the exports of certain products such as pharmaceuticals, telecom instruments, tea, coffee, and marine goods from India are likely to be affected as per the industry’s feedback due to the ongoing conflict between Russia and Ukraine. On the global front, yen was pinned to a six-year low on the dollar on Thursday, as a U.S. rate hike and hawkish outlook underscored just how far the Bank of Japan is likely to lag worldwide policy tightening, while stellar jobs data lifted the Australian dollar.
The partially convertible currency is currently trading at 75.86, stronger by 35 paise from its previous close of 76.21 on Tuesday. The currency touched a high and low of 75.97 and 75.86 respectively.
