Rupee strengthens against US dollar on Thursday
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Indian rupee strengthened against the US dollar on Thursday tracking weakness of the American currency in the overseas market. Rupee sentiments improved further on firm domestic equities after National Securities Depository data showed that Foreign Institutional Investors purchased Indian equities worth over $1.6 billion between August 16 and 27. Meanwhile investors are awaiting cues from the US Gross Domestic Product and the US Personal Consumption Expenditure inflation data, which could sway the Federal Reserve's decision on whether to implement a 25 or 50 basis point rate cut at its September meeting. However, some gains were limited by data showed Foreign Institutional Investors (FIIs) were net sellers in the capital markets on August 28 they offloaded shares worth Rs 1,347.53 crore.
The partially convertible currency is currently trading at 83.90, stronger by 7 paise from its previous close of 83.97 on Wednesday. The currency touched a high and low of 83.9275 and 83.8875 respectively.
