Rupee strengthens against US dollar on Friday
Indian rupee strengthened against the US dollar on Friday amid strong domestic macroeconomic data. India’s economy expanded 7.6% in Q2 FY24 exceeding expectations. The output of eight key infrastructure sectors jumped 12.1% in October 2023 against 0.7% expansion in the year-ago period. Moreover, massive equity buying by FIIs and softening crude oil prices also supported rupee sentiments. FIIs were net buyers in the capital market on Thursday as they purchased shares worth Rs 8,147.85 crore, exchange data showed. Although, investors are cautious ahead of US Fed Chair Powell’s speech to get more cues on interest rate outlook.
The partially convertible currency is currently trading at 83.35, stronger by 2 paise from its previous close of 83.37 on Thursday. The currency touched a high and low of 83.36 and 83.25 respectively.
