Rupee strengthens against US dollar in early trade on Thursday
The Indian rupee strengthened against the US dollar in early trade on Thursday as global crude oil prices declined below pre-conflict levels, with more tankers were expected to move out of the Strait of Hormuz. Meanwhile, US President Donald Trump stated that Iran had informed Washington that no transit tolls were being charged. Furthermore, firm domestic equity markets and a weaker dollar also supported the rupee sentiments, though heavy FII outflows prevented a sharper rise. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,843.40 crore on a net basis on Wednesday, exchange data showed. Investors are awaiting the US Personal Consumption Expenditures data, the Federal Reserve’s preferred inflation measure, which could provide further clues on the Fed’s interest rate path.
