Rupee strengthens against US dollar in early trade on Thursday
The Indian rupee strengthened against the US dollar in early trade on Thursday, tracking firm domestic equity markets amid reports of secret diplomatic outreach from Iran for talks on ending the war. The Reserve Bank of India has aggressively intervened in the foreign exchange market to stabilize the Indian rupee after sliding to a record low in the previous session. However, higher crude oil prices, strengthening US dollar and intense selling of Indian equities by foreign investors have capped further gains in the domestic currency. Foreign institutional investors sold equities worth Rs 8,752.65 crore on a net basis on Wednesday in Indian equity markets, exchange data showed.
The partially convertible currency is currently trading at 91.61, stronger by 44 paise from its previous close of 92.05 on Wednesday. The currency touched a high and low of 92.16 and 91.30 respectively.
