Rupee strengthens against US dollar on Monday
Indian rupee strengthened against the US dollar on Monday, tracking Asian peers and firm domestic equities as the dovish US Federal Reserve expectation has pressured the American currency overseas. Moreover, RBI data showed that the country's foreign exchange reserves increased by $15.267 billion to $653.966 billion during the week ended March 7, according to the RBI. Meanwhile, market participants will also keep a close watch on the RBI’s stance, as potential intervention could impact the rupee movement. However, Foreign institutional investors offloaded equities worth Rs 792.90 crore on net basis on Thursday, exchange data showed. Forex markets were closed on Friday on the occasion of Holi festival.
The partially convertible currency is currently trading at 86.84, stronger by 21 paise from its previous close of 87.05 on Thursday. The currency touched a high and low of 86.90 and 86.8050 respectively.
