Rupee strengthens against US dollar on Thursday
Indian rupee strengthened against the US dollar on Thursday as a weak American currency against major rivals overseas boosted rupee sentiments, even as investors were cautiously awaiting US inflation data to be released later in the day that could shed some light on the Fed’s interest rate cut trajectory. Firm domestic equities also supported the Indian currency. Although, foreign fund outflows from the Indian capital markets limited further gains in rupee. Foreign Institutional Investors sold shares worth Rs 1,721.35 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 82.94, stronger by 9 paise from its previous close of 83.03 on Wednesday. The currency touched a high and low of 83.06 and 82.93 respectively.
