Rupee strengthens against US dollar on Friday
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Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equity markets. Data showed that India’s exports increased 3.12% year-on-year to $36.92 billion in January. Imports rose by about 3% to $54.41 billion and the trade deficit stood at $17.49 billion. Meanwhile, investors are awaiting key US inflation data due later in the day for more cues on the path of interest rates. Although, foreign fund outflows and elevated crude oil prices have limited further gains in rupee. Foreign Institutional Investors were net sellers in the capital markets on Thursday as they sold shares worth Rs 3,064.15 crore, exchange data showed.
The partially convertible currency is currently trading at 83.03, stronger by 2 paise from its previous close of 83.05 on Thursday. The currency touched a high and low of 83.0375 and 83.0050 respectively.
