Indian rupee strengthens marginally against US dollar on Friday
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Indian rupee strengthened marginally against the US dollar on Friday, tracking surging domestic equities and a weaker American currency at overseas markets. However, some gains were capped by hotter-than-expected US inflation data that dashed hopes of an interest rate cut by the US Federal Reserve in the near future. Foreign fund outflows and a sharp rise in crude oil prices also pressurizing rupee. Foreign Institutional Investors sold shares worth Rs 865.00 crore on Thursday, exchange data showed. Meanwhile, investors are cautiously awaiting domestic inflation numbers to be released later in the day.
The partially convertible currency is currently trading at 82.99, stronger by 2 paise from its previous close of 83.01 on Thursday. The currency touched a high and low of 83.1050 and 82.9475 respectively.
