Rupee strengthens against US dollar on Monday
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Indian rupee strengthened against the US dollar on Monday followed by steady dollar in the overseas market and a drop in crude oil prices, even as stronger than expected US jobs growth data dashed hopes of aggressive rate cuts in the coming months. Investors are awaiting inflation data and comments from US Federal Reserve officials for further cues on interest rate path. The increase in the country's forex reserves to a new all-time high of $704.88 billion on Friday has also supported the domestic currency. However, growing escalation in conflict in the Middle East and Foreign fund outflows have limited gains in the domestic unit. Foreign Institutional Investors were net sellers in the capital markets on Friday, offloading shares worth Rs 9,896.95 crore on a net basis in the cash segment, exchange data showed.
The partially convertible currency is currently trading at 83.97, stronger by 2 paise from its previous close of 83.99 on Friday. The currency touched a high and low of 83.9725 and 83.9525 respectively.
