Rupee strengthens against US dollar on Friday
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Indian rupee strengthened marginally against the US dollar on Friday, tracking sustained foreign fund inflows and fall in crude oil prices. Foreign Institutional Investors were net buyers in the capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore, exchange data showed. However, some gains were limited by strength of the American currency overseas and, dollar demand from foreign investors and oil companies. The Reserve Bank of India stated that it is looking to lower inflation to the 4% target rather than easing monetary policy to boost economic growth in the short term. Globally, the Asian currencies were all down tracking fall in European currencies after European Central Bank (ECB) kept rates unchanged and gave no hints about its next move.
The partially convertible currency is currently trading at 83.62, stronger by 1 paise from its previous close of 83.63 on Thursday. The currency touched a high and low of 83.65 and 83.61 respectively.
