Rupee strengthens against US dollar in early trade on Thursday
The Indian rupee strengthened against the US dollar in early trade on Thursday amid growing optimism surrounding a potential resolution to the Middle East conflicts after US President Donald Trump indicated that negotiations with Iran were entering the final stages, while softer oil prices also offered temporary relief. The Reserve Bank of India is also reportedly considering all of its available options to stabilize the rupee, including an interest rate hike, more currency swaps, and schemes to attract foreign currency inflows from non-resident Indians, which officials estimate could bring in up to $50 billion. Meanwhile, Foreign Institutional Investors offloaded equities worth Rs 1,597.35 crore on a net basis on Wednesday, exchange data showed.
