Rupee strengthens against US dollar on Friday
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Indian rupee strengthened against the US dollar on Friday amidst easing US bond yields following weaker than expected US Q3 GDP data, meanwhile investors are eagerly awaiting the US core PCE price index data for insights into the Fed’s interest rate trajectory. Moreover, firm domestic equity markets also supported rupee sentiments. However, continued foreign fund outflows and year-end dollar demand from importers limited further gains in rupee. Foreign institutional investors were net sellers in the equity market on Thursday, as they offloaded shares worth Rs 1,636.19 crore, exchange data showed.
The partially convertible currency is currently trading at 83.25, stronger by 2 paise from its previous close of 83.27 on Thursday. The currency touched a high and low of 83.2750 and 83.2375 respectively.
