Rupee strengthens against US dollar on Friday
The Indian rupee strengthened against the US dollar on Friday, supported by strength in the domestic markets followed by strong foreign fund inflows. Foreign Institutional Investors bought equities worth Rs 1,308.16 crore on a net basis on Thursday, exchange data showed. Rupee improved further by muted dollar movement, a dip in crude oil prices and growing expectations for a U.S. Federal Reserve interest rate cuts by the end of 2025. While, potential US government shutdown and India's trade tariff issues with the US remain key factors that kept the rupee's upside in check to some extent.
The partially convertible currency is currently trading at 88.69, stronger by 10 paise from its previous close of 88.79 on Thursday. The currency touched a high and low of 88.80 and 88.69 respectively.
