Rupee strengthens against US dollar in early trade on Wednesday
The Indian rupee strengthened against the US dollar in early trade on Wednesday amid the Reserve Bank of India’s latest moves to pull more foreign dollars into the system. However, some gains were limited by spike in crude oil prices after the US forces launched new strikes against Iranian targets in response to the downing of an American military helicopter near the Strait of Hormuz. Meanwhile, Foreign institutional investors offloaded equities worth Rs 4,566.03 crore on a net basis on Tuesday, exchange data showed. Investors also awaited the latest US inflation data for fresh signals on the Federal Reserve’s policy outlook, after stronger-than-expected jobs figures last week reinforced expectations of an interest rate increase before the end of the year.
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