Rupee strengthens against US dollar in early trade on Monday
The Indian rupee strengthened against the US dollar in early trade on Monday supported by lower crude oil prices amid hopes for a diplomatic solution to the Iran conflict and expectations that Saudi Arabia can quickly restore some flows through its East-West pipeline. Moreover, firm domestic equities, continued RBI intervention and improved foreign fund sentiment also boosted the rupee sentiments. Foreign Institutional Investors (FIIs) bought equities worth Rs 599.54 crore on a net basis on Friday, exchange data showed. However, strength in the American currency and concerns about further tightening of US monetary policy capped additional gains for the rupee.
The partially convertible currency is currently trading at 95.79, stronger by 17 paise from its previous close of 95.96 on Friday. The currency touched a high and low of 95.86 and 95.72 respectively.
