Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday due to weaker American currency and lower crude oil prices overseas, while a sharp uptick in India's February service sector growth and RBI's decision to infuse Rs 1.9 trillion liquidity into the banking system have added some relief to the domestic unit. But volatility in domestic equities and foreign funds outflows following caution over US President Donald Trump's threats to impose reciprocal tariffs on trade partners, including India, from April 2, have limited further gains in the domestic currency. Foreign institutional investors offloaded equities worth Rs 2,895.04 crore on net basis on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 87.03, stronger by 3 paise from its previous close of 87.06 on Wednesday. The currency touched a high and low of 87.11 and 86.8825 respectively.
