Rupee strengthens against US dollar on Friday
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Indian Rupee strengthened against the US dollar on Friday, tracking weakness in the American currency at overseas markets and fresh foreign fund inflows into Indian capital market. Foreign Institutional Investors were net buyers in the capital markets on Thursday as they purchased shares worth Rs 1,371.79 crore, exchange data showed. Moreover, softening crude oil prices also supporting rupee sentiments. Meanwhile, the Reserve Bank of India released the minutes of the Monetary Policy Committee meeting on Thursday highlighting that the policy must continue to be disinflationary until a durable alignment of headline inflation with the target is achieved. However, some gains were limited with caution ahead of US Federal Reserve Chairman Jerome Powell’s address for clues on the timing and extent of the Fed's policy easing cycle.
The partially convertible currency is currently trading at 83.87, stronger by 6 paise from its previous close of 83.93 on Thursday. The currency touched a high and low of 83.9375 and 83.8650 respectively.
