Rupee strengthens against US dollar on Thursday
Indian rupee strengthened against the US dollar on Thursday, tracking weak American currency at overseas market and after data showing a slowdown in the US labour market fuelled bets on a big rate cut from the Federal Reserve later this month. Moreover, drop in crude oil prices and foreign fund inflows have also supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 975.46 crore, exchange data showed. Although, investors are cautiously awaiting US payrolls report due Friday for Fed rate clues.
The partially convertible currency is currently trading at 83.98, stronger by 3 paise from its previous close of 84.01 on Wednesday. The currency touched a high and low of 83.9850 and 83.9725 respectively.
