Rupee strengthens against US dollar on Monday
The Indian Rupee strengthened against the US dollar on Monday tracking firm domestic equities, despite escalating India - Pakistan tensions after a ceasefire violation across the Line of Control by Pakistan following the Pahalgam terror attack. Moreover, dip in crude oil prices, US dollar’s weakness, rising forex reserves and foreign fund inflows into Indian capital markets have also supported rupee sentiments. Data showing that Foreign institutional investors bought equities worth Rs 2,952.33 crore on a net basis on Friday, while India's forex reserves jumped $8.31 billion to $686.145 billion for the week ended April 18. Meanwhile, investors will focus on a slew of key US data releases this week, including jobs figures and GDP, to assess the impact of uncertainty stemming from President Donald Trump's trade policies.
The partially convertible currency is currently trading at 85.21, stronger by 20 paise from its previous close of 85.41 on Friday. The currency touched a high and low of 85.42 and 85.19 respectively.
