Rupee strengthens against US dollar on Thursday
Indian rupee strengthened against the US dollar in early trade on Thursday, tracking firm domestic equities and weakness in American currency overseas. Rupee rose further as crude oil prices retreated from their elevated levels. Moreover, continued RBI intervention has also helped prevent significant rupee depreciation. However, Foreign fund outflows restricted the up-move. Foreign Institutional Investors were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 3,535.43 crore, exchange data showed. Investors are cautiously awaiting crucial US economic reports to gauge the Federal Reserve's interest rate trajectory.
The partially convertible currency is currently trading at 83.48, stronger by 9 paise from its previous close of 83.57 on Wednesday. The currency touched a high and low of 83.56 and 83.4625 respectively.
