Rupee strengthens against US dollar on Friday
The Indian rupee strengthened against the US dollar on Friday, bolstered by optimism around an India-US trade deal. Moreover, expectations of further stimulus measures from China and drop in global crude oil prices have also supported rupee sentiments. However, weakness in domestic equities amid profit-taking after almost a week-long rally and fresh foreign fund outflows limited further gains in the domestic currency. Foreign Institutional Investors sold equities worth Rs 1,165.94 crore on Thursday, exchange data showed. Meanwhile, investors are awaiting delayed US CPI inflation data due later in the day that is unlikely to deter the Federal Reserve from lowering interest rates next week.
The partially convertible currency is currently trading at 87.72, stronger by 16 paise from its previous close of 87.88 on Thursday. The currency touched a high and low of 87.8550 and 87.63 respectively.
