Rupee strengthens against US dollar on Friday
Indian rupee strengthened against the US dollar on Friday as the US dollar weakened marginally against major peers overseas. Rupee gained further following a big transfer of Rs 2.11 lakh crore in the form of dividend from the Reserve Bank of India (RBI) to the Union government for the fiscal ended March 31, that was more than double the budgeted expectation. The strong growth of India's business sector in May, the sharp exports and job addition rate have supported rupee sentiments. Moreover, a decline in crude oil prices and foreign fund inflows have also helped rupee’s up-move. Foreign Institutional Investors were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 4,670.95 crore, exchange data showed. The forex market was closed on Thursday on account of Buddha Purnima.
The partially convertible currency is currently trading at 83.13, stronger by 16 paise from its previous close of 83.29 on Wednesday. The currency touched a high and low of 83.2650 and 83.1375 respectively.
