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 muted American currency overseas ahead of a key US inflation report due later this week also supporting rupee sentiments. Rupee improved further as the Reserve Bank data showed India's forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17. Meanwhile, expectations of substantial foreign direct investment inflows also helped rupee to move higher. The Adani Group is planning to raise $3.5 billion through a Qualified Institutional Placement, while Torrent Pharma aims to secure $0.60 billion through convertible bonds or debentures. However, elevated crude oil prices in the international market and foreign fund outflows have restricted rupee’s gains. Foreign Institutional Investors were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 944.83 crore, exchange data showed.
The partially convertible currency is currently trading at 83.06, stronger by 4 paise from its previous close of 83.10 on Friday. The currency touched a high and low of 83.1250 and 83.0525 respectively.
