Rupee strengthens against US dollar on Friday
The Indian Rupee strengthened against the US dollar on Friday due to suspected Reserve Bank of India intervention following worries over the impact of Trump’s new 25% tariffs on Indian exports and persistent portfolio outflows. Foreign institutional investors offloaded equities worth Rs 5,588.91 crore on a net basis on Thursday, exchange data showed. Data released on Thursday by the CGA showed the fiscal deficit for April-June at Rs 2.81 trillion, or 17.9% of the full-year target. The fiscal deficit stood at Rs 1.36 trillion in the same period last year. Moreover, falling crude oil prices supported rupee sentiments.
The partially convertible currency is currently trading at 87.37, stronger by 28 paise from its previous close of 87.65 on Thursday. The currency touched a high and low of 87.60 and 87.20 respectively.
