Rupee strengthens against US dollar on Monday
The Indian Rupee strengthened against the US dollar on Monday, tracking firm domestic equities, despite surging global crude oil prices as Israel and Iran continued attacks on each other over the weekend. Meanwhile, an increase in the country’s forex reserves also supported rupee sentiments. India’s forex reserves increased $5.17 billion to $696.65 billion for the week ended June 6, the Reserve Bank of India said on Friday. However, a firm American currency against major peers overseas and foreign fund outflows have limited further gains in rupee. Foreign institutional investors offloaded equities worth Rs 1,263.52 crore on a net basis on Friday, exchange data showed.
The partially convertible currency is currently trading at 86.04, stronger by 7 paise from its previous close of 86.11 on Friday. The currency touched a high and low of 86.24 and 86.0250 respectively.
