Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday tracking the weakness of the American currency in the overseas markets and as investors are awaiting the personal consumption expenditures (PCE) price index report on Friday for further insights into the Federal Reserve policy path. However, some gains were capped as investors remained concerned over global trade uncertainties, persistent foreign fund outflows and impact of US visa fee hike on India's IT services exports. Foreign Institutional Investors offloaded equities worth Rs 2,425.75 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 88.68, stronger by 7 paise from its previous close of 88.75 on Wednesday. The currency touched a high and low of 88.68 and 88.6025 respectively.
