Rupee strengthens against US dollar on Friday
The Indian rupee strengthened against the US dollar on Friday, despite weak domestic equities, steady American currency at overseas markets, and rising border tensions between India and Pakistan. Rupee sentiments strengthened on easing concerns over the ongoing trade war after US President Donald Trump announced a new comprehensive trade deal with the UK, and also hinted he would lower tariffs against China if weekend trade talks with Chinese negotiators go well. Foreign institutional investors bought equities worth Rs 2,007.96 crore on a net basis, while domestic institutional investors sold Rs 596.25 crore worth of equity on Thursday, exchange data showed.
The partially convertible currency is currently trading at 85.53, stronger by 5 paise from its previous close of 85.58 on Thursday. The currency touched a high and low of 85.88 and 85.5025 respectively.
