Indian rupee strengthens marginally against US dollar on Monday
Indian rupee strengthened marginally against the US dollar on Monday, supported by drop in the American currency followed by strong domestic equities. Moreover, data released by the Statistics Ministry showed that, Indian economy grew by 6.2 per cent during October-December quarter (Q3) of current fiscal as against 5.6 per cent in July-September quarter (Q2), which also supported rupee sentiments. Although, some gains were limited by sustained foreign fund outflows, uncertainty surrounding tariff imposition by the United States followed by rise in crude oil prices. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 11,639.02 crore on Friday, exchange data showed. While, the latest Reserve Bank data released on Friday showed the country’s forex reserve jumped by $4.758 billion to $640.479 billion in the week ended February 21.
The partially convertible currency is currently trading at 87.32, stronger by 5 paise from its previous close of 87.37 on Friday. The currency touched a high and low of 87.3600 and 87.2550 respectively.
