Rupee strengthens against US dollar in early trade on Monday
The Indian rupee strengthened against the US dollar in early trade on Monday tracking falling global crude oil prices and a softer American currency after Trump said negotiations with Iran would take place today following his decision to hold off on new strikes. Moreover, foreign fund inflows, a rise in the country's forex reserves, and continued RBI presence in the foreign exchange market are also supporting rupee sentiment. Foreign Institutional Investors purchased equities worth Rs 277.48 crore on a net basis on Friday, exchange data showed. Meanwhile, the RBI data showed that the country's forex reserves jumped $6.118 billion to $682.354 billion during the week ended July 24.
The partially convertible currency is currently trading at 95.18, stronger by 25 paise from its previous close of 95.43 on Friday. The currency touched a high and low of 95.19 and 95.11 respectively.
