Rupee strengthens against US dollar in early trade on Wednesday
The Indian rupee strengthened against the US dollar in early trade on Wednesday, supported by a weaker American currency and a sharp drop in global crude oil prices. Investors are focussing on key US economic releases include the December jobs report due Friday, which could provide further clues on the Federal Reserve’s monetary policy outlook. However, some gains were limited by foreign fund outflows, fresh tariff-related concerns and geopolitical tensions in Venezuela. Foreign institutional investors offloaded equities worth Rs 107.63 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 89.95, stronger by 23 paise from its previous close of 90.18 on Tuesday. The currency touched a high and low of 90.23 and 89.75 respectively.
