Rupee strengthens against US dollar in early trade on Friday
The Indian rupee strengthened against the US dollar in early trade on Friday driven by tentative optimism surrounding an India-US trade deal, while the Reserve Bank of India's six-member Monetary Policy Committee led by Governor Sanjay Malhotra has decided to keep the repo rate unchanged at 5.25% as markets expected. Moreover, a weak US dollar against its major peers overseas also supported rupee sentiments. However, foreign fund outflows and rise in crude oil prices have capped sharper gains in the domestic currency. Foreign Institutional Investors turned net sellers and offloaded equities worth Rs 2,150.51 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 90.23, stronger by 11 paise from its previous close of 90.34 on Thursday. The currency touched a high and low of 90.30 and 90.18 respectively.
