Rupee strengthens against US dollar on Monday
The Indian rupee strengthened against the US dollar on Monday supported by a softer American currency. However, increasing crude oil prices and persistent foreign fund outflows from the Indian capital market amid ongoing geopolitical tensions & worries over potential US tariffs on Indian exports have capped gains in the rupee. Foreign institutional investors offloaded equities worth Rs 3,769.31 crore on Friday, exchange data showed. Investors are now focusing on macroeconomic data to be released this week for further clues. While, the latest RBI data released on Friday showed India's forex reserves dropped by $9.809 billion to $686.801 billion in the week to January 2, which undermined investor confidence.
The partially convertible currency is currently trading at 90.15, stronger by 3 paise from its previous close of 90.18 on Friday. The currency touched a high and low of 90.2500 and 90.1350 respectively.
