Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday, supported by a weaker dollar and easing crude oil prices overseas. Further, the Reserve Bank of India stepped in to protect the rupee from crossing its all-time low by selling dollars, also supporting rupee sentiments. Meanwhile, investors are awaiting for the release of US economic figures this week that would provide insights into the Federal Reserve's future actions on interest rates. Although, foreign fund outflows and weaker domestic equities have limited sharper gains in the domestic unit as an additional 25% US tariffs on Indian products came into effect on Wednesday. Foreign Institutional Investors offloaded equities worth Rs 6,516.49 crore on Tuesday, according to exchange data. Forex market remained closed on August 27 on account of ‘Ganesh Chaturthi’.
The partially convertible currency is currently trading at 87.63, stronger by 6 paise from its previous close of 87.69 on Tuesday. The currency touched a high and low of 87.6775 and 87.5350 respectively.
