Rupee strengthens against US dollar on Monday
Indian rupee strengthened against the US dollar on Monday due to a steady American currency overseas ahead of upcoming comments from US Federal Reserve officials this week for more cues on the interest rate path. Moreover, lower level of crude oil prices in the international market also supported rupee sentiments. Besides, India's inflation surge and sustained foreign fund outflows have limited further gains in rupee. Foreign Institutional Investors were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 1,849.87 crore, exchange data showed. Meanwhile, India’s forex reserves dropped by $6.477 billion to $675.653 billion for the week ended November 8, the RBI said. Indian Forex markets were shut on Friday on account of Guru Nanak Jayanti.
The partially convertible currency is currently trading at 84.39, stronger by 7 paise from its previous close of 84.46 on Thursday. The currency touched a high and low of 84.42 and 84.3750 respectively.
