Rupee strengthens against US dollar on Thursday
Indian rupee strengthened marginally against the US dollar on Thursday ahead of the Federal Reserve meeting with rising bets of rate cut in September. Meanwhile, weakness of the American currency in the overseas market and fall in crude oil prices have also supported rupee sentiments. However, some gains were limited by weak equities and significant foreign fund outflows from the capital markets after the government's decision to hike the tax rate on capital gains. Foreign Institutional Investors were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 5,130.90 crore, exchange data showed.
The partially convertible currency is currently trading at 83.70, stronger by 1 paise from its previous close of 83.71 on Wednesday. The currency touched a high and low of 83.72 and 83.7025 respectively.
