Rupee strengthens against US dollar on Monday
The Indian rupee strengthened against the US dollar in early trade on Monday tracking steady dollar ahead of US third-quarter GDP annualized data to be released on Tuesday, which will provide insights into the economy’s health and help gauge the timing of the Federal Reserve’s next interest-rate moves. Meanwhile, rupee sentiments also supported by firm domestic equities coupled with foreign fund inflows worth Rs 1,830.89 crore in stocks. The Reserve Bank of India said, India's forex reserves jumped by $1.689 billion to $688.949 billion during the week ended December 12. Continuous intervention by the Reserve Bank of India (RBI) and Brent crude prices hovering near $60 per barrel have also helped the rupee to strengthen against the dollar.
The partially convertible currency is currently trading at 89.65, stronger by 2 paise from its previous close of 89.67 on Friday. The currency touched a high and low of 89.72 and 89.45 respectively.
