Rupee strengthens against US dollar on Friday
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Indian rupee strengthened from its all-time low against the US dollar on Friday tracking better-than-expected domestic inflation data. Data showed India’s retail inflation declined in November to 5.48% and came within the Reserve Bank's tolerance limit, creating headroom for interest rate cut at the central bank's rate-setting panel meeting under new Governor Sanjay Malhotra in February. However, firm American currency and foreign fund outflows have limited the recovery in domestic currency. Foreign Institutional Investors were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 3,560.01 crore, exchange data showed.
The partially convertible currency is currently trading at 84.84, stronger by 4 paise from its previous close of 84.88 on Thursday. The currency touched a high and low of 84.87 and 84.83 respectively.
