Rupee strengthens against US dollar on Monday
The Indian rupee strengthened against the US dollar on Monday, tracking weak American currency overseas, firm domestic equities and continued foreign investor support. Investors are awaiting the US Federal Reserve's policy decision due later this week. Foreign institutional investors bought equities worth Rs 2,769.81 crore on a net basis on Friday, exchange data showed. Meanwhile, forex reserves increased $1.983 billion to $688.129 billion during the week ended April 25, the RBI said. Moreover, a sharp decline in crude oil prices as OPEC+ is set to further speed up oil output hikes, has also supported rupee sentiments. The partially convertible currency is currently trading at 84.16, stronger by 41 paise from its previous close of 84.57 on Friday. The currency touched a high and low of 84.47 and 84.10 respectively.
