Rupee strengthens against US dollar on Monday
The Indian rupee strengthened against the US dollar on Monday, due to weak American currency in the overseas market following caution from the US credit rating downgrade. Moreover, a retreat in global crude oil prices and strong foreign fund inflows have also supported rupee sentiments. Foreign institutional investors purchased equities worth Rs 8,831.05 crore, while domestic institutional investors bought equities worth Rs 5,187.09 crore on Friday, exchange data showed. India's foreign exchange reserves rose by Rs 38,927 crore ($4.55 billion) to Rs 59,03,369 crore ($690.61 billion) for the week ended May 9, primarily driven by a steep increase in gold assets, the RBI said on Friday.
The partially convertible currency is currently trading at 85.48, stronger by 9 paise from its previous close of 85.57 on Friday. The currency touched a high and low of 85.6125 and 85.41 respectively.
