Rupee strengthens against US dollar in early trade on Friday
The Indian rupee strengthened against the US dollar in early trade on Friday, buoyed by firm domestic equity markets and easing Brent crude prices amid hopes that alternative routes could keep West Asia barrels flowing to global markets. Moreover, expectations of foreign portfolio inflows linked to the NSE’s $2.3 billion IPO and potential RBI intervention have also supported the domestic currency. However, concerns about further tightening in US monetary policy capped additional gains for the rupee. Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,208.76 crore on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 95.77, stronger by 12 paise from its previous close of 95.89 on Thursday. The currency touched a high and low of 95.7775 and 95.71 respectively.
