Rupee strengthens against US dollar on Thursday
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Indian rupee strengthened against the US dollar on Thursday, tracking firm domestic equities and a weaker American currency against its major overseas rivals with expectations that the US Federal Reserve would soon start cutting interest rates. Moreover, dollar demand from large foreign banks and massive equity buying by foreign Institutional Investors have also supported rupee sentiments. Foreign Institutional Investors bought equities worth Rs 2,926.05 crore on Wednesday, exchange data showed. However, concerns over volatility in crude oil prices has limited further gains in rupee.
The partially convertible currency is currently trading at 83.27, stronger by 7 paise from its previous close of 83.34 on Wednesday. The currency touched a high and low of 83.34 and 83.2475 respectively.
