Rupee strengthens against US dollar on Friday
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Indian rupee strengthened against the US dollar on Friday after Reserve Bank of India slashed the cash reserve ratio by 50 basis points to 4%, which has offset the RBI Monetary Policy Committee’s decision to keep the repo rate unchanged at 6.5%. Moreover, fresh foreign fund inflows also supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 8,539.91 crore, exchange data showed. However, firm American currency capped further gains in rupee.
The partially convertible currency is currently trading at 84.62, stronger by 9 paise from its previous close of 84.71 on Thursday. The currency touched a high and low of 84.68 and 84.53 respectively.
