Rupee strengthens against US dollar on Monday
Indian rupee strengthened against the US dollar on Monday tracking weakness of the American currency against its major peers overseas. India's forex reserves jumped by $5.736 billion to $622.469 billion for the week ended February 2, RBI said. Foreign Institutional Investors were net buyers in the capital markets on Friday as they bought shares worth Rs 141.95 crore, exchange data showed. Although investors are cautious ahead of India's inflation data for the month of January and is expected to show retail inflation rose by 5.09%, the slowest pace in three months. Investors are also awaiting US inflation data on Tuesday for further cues.
The partially convertible currency is currently trading at 82.99, stronger by 8 paise from its previous close of 83.07 on Friday. The currency touched a high and low of 83.02 and 82.98 respectively
