Rupee strengthens against US dollar in early trade on Wednesday
The Indian rupee strengthened against the US dollar in early trade on Wednesday after the Reserve Bank of India’s intervention in the foreign exchange market to curb volatility following four straight sessions of all-time lows, while easing crude oil prices also supported rupee sentiments. Meanwhile, investors are awaiting the US inflation data and monetary policy decisions from other major central banks that could impact the Federal Reserve’s stance on further rate cuts. Although, weak domestic equities following uncertainty over the India-US trade deal and persistent foreign fund outflows kept the investors cautious. Foreign Institutional Investors sold equities worth Rs 2,381.92 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 90.31, stronger by 62 paise from its previous close of 90.93 on Tuesday. The currency touched a high and low of 91.0550 and 89.9675 respectively.
