Rupee strengthens against US dollar on Friday
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Indian rupee strengthened against the US dollar on Friday, tracked by foreign fund inflows into capital market. Foreign institutional investors were net buyers in the equity market on Thursday as they purchased shares worth Rs 1,513.41 crore, exchange data showed. However, rupee remained under pressure amid a strong American currency overseas as investors scaled back expectations for interest-rate cuts by the Federal Reserve this year ahead of the December jobs report release on Friday.
The partially convertible currency is currently trading at 83.15, stronger by 9 paise from its previous close of 83.24 on Thursday. The currency touched a high and low of 83.2475 and 83.1475 respectively.
