Rupee strengthens against US dollar on Thursday
Indian rupee strengthened against the US dollar on Thursday, as the US dollar and crude oil prices retreated from their elevated levels. Although, sluggish domestic equities and the unabated foreign fund outflows as market worries escalated following fresh US tariff threats and a cautious rate outlook from the US central bank after its latest policy meeting minutes highlighted upside risks to inflation, have limited further gains in rupee. Foreign institutional investors offloaded equities worth Rs 1,881.30 crore on net basis on Wednesday, exchange data showed. The forex market was closed yesterday due to Chatrapati Shivaji Maharaj Jayanti.
The partially convertible currency is currently trading at 86.79, stronger by 19 paise from its previous close of 86.98 on Tuesday. The currency touched a high and low of 86.88 and 86.74 respectively.
