Rupee strengthens against US dollar on Friday
Indian rupee strengthened against the US dollar on Friday tracking firm domestic equities, decline in crude oil prices, and after news that the US President Donald Trump suspended the additional 26% tariffs on India for 90 days until July 9 this year. Rupee sentiments improved further by the American currency's slump likely triggered by investors exiting from US assets amid mounting US and China trade frictions. Meanwhile, market participants are closely watching for further insights into the Fed’s monetary policy outlook ahead of the US producer price report later today. Although, Foreign institutional investors offloaded equities worth Rs 4,358.02 crore on a net basis on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 85.99, stronger by 69 paise from its previous close of 86.68 on Wednesday. The currency touched a high and low of 86.2250 and 85.9550 respectively.
