Rupee strengthens against US dollar on Monday
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Indian rupee strengthened against the US dollar in early trade on Monday as investors are awaiting key US inflation data and Federal Reserve officials' comments through the week for fresh clues on the potential timing of the Fed's interest rate cut. Further, muted American currency also supportive for rupee sentiments. However, some gains were limited by tracking a negative trend in the domestic equities and foreign fund outflows. Foreign Institutional Investors were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 1,790.19 crore, exchange data showed. Traders remained cautious as RBI said India's forex reserves dropped by $2.922 billion to $652.895 billion for the week ended June 14.
The partially convertible currency is currently trading at 83.54, stronger by 3 paise from its previous close of 83.57 on Friday. The currency touched a high and low of 83.55 and 83.45 respectively.
