Rupee strengthens against US dollar in early trade on Monday
The Indian rupee strengthened against the US dollar in early trade on Monday amid recent RBI intervention and tighter foreign-exchange curbs, while traders await India's flash PMI data for October for fresh cues on the domestic economic outlook. Besides, lower crude oil prices and fresh foreign fund inflows also boosted rupee sentiment. Moreover, expectations for another Federal Reserve interest-rate hike this month faded following Fed Chair Kevin Warsh's opening remarks at the Annual Meetings of the International Monetary Fund and World Bank Group in Bangkok on Friday. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,165.92 crore on a net basis on Friday, exchange data showed. Meanwhile, India's foreign exchange reserves dropped to $726.027 billion as of October 9 from $734.606 billion in the previous week, RBI data showed.
The partially convertible currency is currently trading at 94.80, stronger by 9 paise from its previous close of 94.89 on Friday. The currency touched a high and low of 94.90 and 94.76 respectively.
