Rupee strengthens against US dollar on Monday
Indian rupee strengthened against the US dollar on Monday supported by weakening of the American currency in the overseas market and significant foreign fund inflows. Market participants are eagerly awaiting cues from the US Fed policy on September 18, with a rate cut all but certain. Foreign Portfolio Investors (FPIs) continued their bullish stance on Indian stocks, infusing Rs 16,881.03 crore in the second week of September, according to data from the National Securities Depository (NSDL). Some support came as India’s foreign exchange reserves have been rising for months now, hitting several all-time highs. The forex kitty increased by $66 billion so far this year and is currently at $689.235 billion.
The partially convertible currency is currently trading at 83.90, stronger by 2 paise from its previous close of 83.92 on Friday. The currency touched a high and low of 83.90 and 83.87 respectively.
