Rupee strengthens against US dollar on Friday
Indian Rupee strengthened against the US dollar on Friday amid a weaker American currency against major currencies overseas ahead of the US jobs data to be released later in the day, while US Federal Reserve Chair Jerome Powell struck a moderately dovish tone in his comments that suggesting Fed is more than likely to start its easing cycle later this year. However, an upward movement in crude oil prices, weak domestic equities and outflow of foreign capital have limited gains in rupee. Foreign Institutional Investors were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 688.69 crore, exchange data showed.
The partially convertible currency is currently trading at 83.93, stronger by 4 paise from its previous close of 83.97 on Thursday. The currency touched a high and low of 83.97 and 83.9150 respectively.
