Indian rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday, tracking the weakness in American currency and easing crude oil prices globally, while broad-based interbank dollar sales and RBI's firm defence of 87.40-87.50 levels in recent sessions also helped the rupee to strengthen against the US dollar. However, some gains were limited by tariff escalation by the US President Donald Trump on China, Canada and Mexico, which has fuelled fears that a trade war would affect global growth. Foreign institutional investors (FIIs) offloaded equities worth Rs 3,405.82 crore on net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 87.12, stronger by 7 paise from its previous close of 87.19 on Tuesday. The currency touched a high and low of 87.2075 and 87.1050 respectively.
