Rupee strengthens against US dollar on Monday
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Indian rupee strengthened against the US dollar on Monday tracking firm domestic equities, while the Reserve Bank of India's active intervention also helped the rupee’s up-move. Meanwhile, RBI data showed India's forex reserves jumped by Rs 19,295 crore ($2.299 billion) to a new high of Rs 57,40,839 crore ($683.987 billion) for the week ended on August 30. However, some gains were limited by foreign fund outflows and uncertainty over the likelihood of an aggressive Federal rate cut in September. Foreign Institutional Investors were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 620.95 crore, exchange data showed. Market participants are now focusing on key US releases this week, including inflation and PPI figures that will clarify the Fed's path forward.
The partially convertible currency is currently trading at 83.94, stronger by 1 paise from its previous close of 83.95 on Friday. The currency touched a high and low of 83.96 and 83.86 respectively.
