Rupee strengthens against US dollar in early trade on Friday
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Indian rupee strengthened against the US dollar in early trade on Friday, due to retreat in American currency and as signs of slowing US economy heightened the expectations that the US Fed will cut interest rates sometime soon. Meanwhile, investors are awaiting US nonfarm payrolls data to gauge the trajectory of the Federal Reserve's potential interest rate cuts. Moreover, significant foreign fund inflows also supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 2,575.85 crore, exchange data showed. However, some gains were limited by elevated crude oil prices globally.
The partially convertible currency is currently trading at 83.49, stronger by 1 paise from its previous close of 83.50 on Thursday. The currency touched a high and low of 83.4950 and 83.45 respectively.
