Rupee strengthens against US dollar on Monday
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Indian rupee strengthened against the US dollar on Monday amid sustained foreign fund inflows into the capital market. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 9,239.42 crore, exchange data showed. Moreover, a weak American currency in the overseas markets also boosted rupee sentiments. Although, muted trend in domestic equities limited further gains in rupee. Two US Federal Reserve officials last week pushed back on growing bets in financial markets for the central bank to cut interest rates as soon as March. Global investors are cautiously awaiting a slew of US economic data due later this week for more clarity on the US Federal Reserve’s interest rate path.
The partially convertible currency is currently trading at 82.97, stronger by 6 paise from its previous close of 83.03 on Friday. The currency touched a high and low of 83.0250 and 82.9050 respectively.
