Rupee strengthens against US dollar on Monday
The Indian rupee strengthened against the US dollar on Monday, tracking a softer American currency globally. Moreover, firm domestic equities and foreign fund inflows have also supported rupee sentiments. Foreign institutional investors bought equities worth Rs 1,009.71 crore on a net basis on Friday, exchange data showed. Rupee also benefited from the Reserve Bank of India’s surprise move to cut the repo rate by 50 basis points and reduce the CRR last week. Meanwhile, investors are eagerly awaiting a new round of US-China trade talks aimed at resolving a trade war between the two largest economies that will take place in London later in the day.
The partially convertible currency is currently trading at 85.60, stronger by 8 paise from its previous close of 85.68 on Friday. The currency touched a high and low of 85.7225 and 85.5850 respectively.
