Rupee strengthens marginally against US dollar on Monday
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Indian rupee strengthened marginally against the US dollar on Monday tracking firm domestic equities and strength in global markets after China's move to halve stamp duty on stock transactions to boost its struggling economy. However, hawkish comments from the US Federal Reserve Chair Jerome Powell at Jackson Hole, selling pressure by foreign investors and drop in foreign exchange reserves have dented sentiments in rupee and limited further gains. Foreign Institutional Investors were net sellers in capital markets on Friday as they offloaded shares worth Rs 4,638.21 crore, exchange data showed. India's foreign exchange reserves dropped by $7.273 billion to $594.888 billion in last week, RBI said.
The partially convertible currency is currently trading at 82.62, stronger by 2 paise from its previous close of 82.64 on Friday. The currency touched a high and low of 82.64 and 82.5225 respectively.
