Rupee strengthens against US dollar in early trade on Friday
The Indian rupee strengthened against the US dollar in early trade on Friday after the Reserve Bank of India's Monetary Policy Committee maintained repo rate unchanged at 5.25% and unveiled a series of measures aimed at attracting foreign capital and supporting the currency. Moreover, positive momentum from the final day of the India-US trade discussions also boosted rupee sentiment. However, elevated oil prices, Middle East tensions, inflation risks, foreign fund outflows have continued to limit further gains. Foreign institutional investors offloaded equities worth Rs 4,447.06 crore on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 95.33, stronger by 41 paise from its previous close of 95.74 on Thursday. The currency touched a high and low of 95.78 and 95.24 respectively.
