Rupee strengthens against US dollar on Friday
Indian rupee strengthened against the US dollar on Friday amid firm domestic equities a day after Finance Minister Nirmala Sitharaman presented an interim budget for 2024. The interim budget’s focus is on higher capex and faster fiscal consolidation. Rupee sentiments improved further by weakness in American currency against other currencies overseas, despite US Federal Reserve Chair Jerome Powell indicating that an interest rate cut in March was unlikely. However, Foreign Institutional Investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,879.58 crore, exchange data showed.
The partially convertible currency is currently trading at 82.84, stronger by 14 paise from its previous close of 82.98 on Thursday. The currency touched a high and low of 82.91 and 82.8275 respectively.
