Indian rupee strengthens marginally against US dollar on Monday
Indian rupee strengthened marginally against the US dollar on Monday, as the American currency dipped to its lowest in three years in wake of anxieties over Trump tariffs and President Trump's criticism of the Federal Reserve. Trump launched a series of attacks against Fed Chair Jerome Powell on Thursday, with his team evaluating whether they could fire Powell, a move that has great consequence for the central bank's independence and for global markets. Rupee sentiments improved further amid firm domestic equities and inflow of foreign funds. Foreign Institutional Investors (FIIs) bought equities worth Rs 4,667.94 on a net basis on Thursday, exchange data showed. While, the latest Reserve Bank data released on Friday showed country’s forex reserves increased by $1.567 billion to $677.835 billion for the week ended April 11. Forex markets were closed on Friday for Good Friday.
The partially convertible currency is currently trading at 85.15, stronger by 23 paise from its previous close of 85.38 on Thursday. The currency touched a high and low of 85.1750 and 85.0500 respectively.
