Rupee strengthens against US dollar in early trade on Friday
The Indian rupee strengthened against the US dollar in early trade on Friday due to a weakening American currency and RBI’s aggressive interventions. Rupee sentiment improved further due to weak crude oil prices after the International Energy Agency agreed to take all necessary steps to complete the remaining release of around 100 million barrels of oil to ease supply constraints. However, foreign fund outflows, along with concerns over hotter-than-expected US PPI data and the possibility of another Federal Reserve rate hike, limited further gains for the domestic unit. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,285.37 crore on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 94.93, stronger by 6 paise from its previous close of 94.99 on Thursday. The currency touched a high and low of 94.93 and 94.71 respectively.
