Rupee strengthens against US dollar on Monday
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Indian rupee strengthened marginally against the US dollar on Monday, tracking firm domestic equities and a massive inflow of foreign funds into capital markets. On Friday, Foreign Institutional Investors (FIIs) purchased shares worth Rs 14,064.05 crore, exchange data showed. Meanwhile, the Reserve Bank data showed India's forex reserves rose by $223 million to a new all-time high of $689.458 billion for the week ended on September 13. The US Federal Reserve's last week’s decision to cut benchmark interest rate by 0.5% and positive commentary by the Fed chair about the American economy have also supportive to rupee sentiments. However, firm crude oil prices and strengthening American currency against major peers overseas have capped further rise in rupee.
The partially convertible currency is currently trading at 83.51, stronger by 1 paisa from its previous close of 83.52 on Friday. The currency touched a high and low of 83.52 and 83.44 respectively.
