Rupee strengthens against US dollar on Thursday
Indian rupee strengthened against US dollar on Thursday as the American currency slumped from high levels after the US Federal Reserve indicated three interest rate cuts this year, while the US Fed kept its key interest rates unchanged at 5.25% - 5.5% for the fifth straight meeting, in line with market estimates. Although, foreign fund outflows and elevated crude oil prices in the international market limited further gains in rupee. Foreign Institutional Investors were net sellers in the capital markets on Wednesday as they sold shares worth Rs 2,599.19 crore, exchange data showed.
The partially convertible currency is currently trading at 83.13, stronger by 6 paise from its previous close of 83.19 on Wednesday. The currency touched a high and low of 83.14 and 83.0450 respectively.
