Rupee surges against US dollar on Thursday
Indian rupee surged against the US dollar on Thursday tracking firm domestic equities and retreat in American currency overseas. Meanwhile, many investors are eagerly awaiting US Fed Chair Jerome Powell's speech at the Jackson Hole Symposium for more clues about the economy and interest-rate outlook. Rupee improved further as tepid US PMI data fuelled expectations that the US central bank would end its tightening campaign to avert a recession. Moreover, fresh foreign fund inflows into capital market and softness in crude oil prices also supported rupee sentiments. Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 614.32 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of Rs 125.03 crore, exchange data showed.
The partially convertible currency is currently trading at 82.55, stronger by 17 paise from its previous close of 82.72 on Wednesday. The currency touched a high and low of 82.5650 and 82.36 respectively.
