Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday, supported by firm domestic equities and optimism over the US-India trade deal front as Trump said that India will slowdown on Russian oil buying and the market expected a trade deal to be signed soon, in which tariffs on India would be lessened to 16% from the existing 50%. Moreover, foreign fund inflows also boosted rupee sentiments. Foreign Institutional Investors bought equities worth Rs 96.72 crore on Tuesday, exchange data showed. Foreign exchange markets were closed on Tuesday and Wednesday due to Diwali and Diwali Balipratipada, respectively.
The partially convertible currency is currently trading at 87.92, stronger by 1 paise from its previous close of 87.93 on Monday. The currency touched a high and low of 87.9325 and 87.80 respectively.
