2025-02-07 12:43:26 pm | Source: Accord Fintech
Rupee strengthens against US dollar on Friday
Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equities after the Reserve Bank of India's monetary policy committee has decided to cut the repo rate for the first time in two years, reducing it by 25 basis points to 6.25% from 6.5%. However, firm American currency and foreign fund outflows have limited further gains in rupee. Foreign institutional investors (FIIs) offloaded equities worth Rs 3,549.95 crore in the capital markets on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 87.47, stronger by 12 paise from its previous close of 87.59 on Thursday. The currency touched a high and low of 87.57 and 87.33 respectively.
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