Rupee strengthens against US dollar amid GST reform hopes
The Indian rupee strengthened against the US dollar on Monday supported by expectations of GST reforms following Prime Minister Narendra Modi’s Independence Day address and strong equities in domestic front. PM announced sweeping tax reforms to lift the economy in the face of a trade conflict with Washington. Further, weak American currency overseas, lower crude prices amid easing Russia supply concerns and global rate-cut expectations also boosted the rupee sentiments. Although, some gains were limited by foreign fund outflows and persistent U.S.-India trade tensions. Foreign Institutional Investors (FIIs) remained sellers, offloading equities worth Rs 1,926.76 crore on Thursday, according to exchange data. The Forex Markets were closed on Friday on account of the Independence Day.
The partially convertible currency is currently trading at 87.41, stronger by 18 paise from its previous close of 87.59 on Thursday. The currency touched a high and low of 87.4800 and 87.3300 respectively.
