Rupee strengthens against US dollar on Thursday
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Indian rupee strengthened against the US dollar on Thursday after the American currency fell following the US Federal Reserve’s testimony in the US Senate and a report released by payroll processor ADP showed private sector employment in the United States increased by slightly less than expected in February month. Moreover, sustained inflow of foreign funds into the domestic capital markets also supported rupee sentiments. Foreign institutional investors were net buyers in the capital markets on Wednesday as they bought shares worth Rs 2,766.75 crore, exchange data showed. However, volatile crude oil prices limited further gains in rupee.
The partially convertible currency is currently trading at 82.78, stronger by 5 paise from its previous close of 82.83 on Wednesday. The currency touched a high and low of 82.8250 and 82.7250 respectively.
