Rupee strengthens against US dollar on Friday
indian rupee strengthened against the US dollar on Friday, after India’s retail inflation eased to 3.65% year-on-year in August, which below the Central Bank’s target of 4% for the second consecutive month and it indicating that price pressures are under control. Moreover, expectation of long-awaited interest rate cuts next week, weak American currency at overseas market and significant foreign fund inflows have also supported rupee sentiments. However, some gains were limited by rising crude oil prices. Foreign Institutional Investors were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 7,695.00 crore, exchange data showed.
The partially convertible currency is currently trading at 83.93, stronger by 3 paise from its previous close of 83.96 on Thursday. The currency touched a high and low of 83.9875 and 83.9175 respectively.
