Rupee strengthens against US dollar on Monday
Indian rupee strengthened against the US dollar on Monday, tracking muted American currency in the overseas market following US Fed Chair Jerome Powell's recent speech at the Jackson Hole meeting, where he said that time has come for policy to adjust, indicating possible US rate cuts in September. Rupee improved further on foreign fund inflows. Foreign Institutional Investors were net buyers in the capital markets on Friday, as they purchased shares worth Rs 1,944.48 crore, according to exchange data. Meanwhile, India’s forex reserves jumped by $4.546 billion to $674.664 billion during the week ended August 16, the RBI said on Friday.
The partially convertible currency is currently trading at 83.85, stronger by 5 paise from its previous close of 83.90 on Friday. The currency touched a high and low of 83.8550 and 83.8050 respectively.
