Rupee strengthens against US dollar on Friday
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Indian rupee strengthened against the US dollar on Friday after the Monetary Policy Committee (MPC) of RBI kept the repo rate unchanged at 6.5% for the eight consecutive time. Moreover, firm domestic equity markets and muted American currency overseas have also supported rupee sentiments. However, foreign fund outflows and upward movement in the crude oil prices limited further gains in rupee. Foreign investors were net sellers of Indian equities on Thursday as they offloaded shares worth Rs 6,867.72 crore on a net basis, exchange data showed. Meanwhile, investors are awaiting Friday’s key labour data from the United States, which could gauge the Federal Reserve's next moves on interest rates.
The partially convertible currency is currently trading at 83.46, stronger by 7 paise from its previous close of 83.53 on Thursday. The currency touched a high and low of 83.4850 and 83.4350 respectively.
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