Rupee strengthens against US dollar on Monday
The Indian rupee strengthened against the US dollar on Monday due to likely intervention by the RBI, strength in the domestic markets followed by substantial foreign fund inflows. Foreign Institutional Investors (FIIs) purchased equities worth Rs 308.98 crore on Friday. The rupee was further improved by downward momentum in the crude oil prices and U.S. President Donald Trump's comment that Indian Prime Minister Narendra Modi promised to halt Russia crude imports. Trump also warned that New Delhi would continue paying ‘massive’ tariff if it did not do so. Although, stronger US dollar capped some gains in rupee.
The partially convertible currency is currently trading at 87.81, stronger by 21 paise from its previous close of 88.02 on Friday. The currency touched a high and low of 87.9575 and 87.7450 respectively.
