Rupee strengthens against US dollar on Thursday
Indian Rupee strengthened from its all-time low level against the US dollar on Thursday, tracking weakness in the American currency and foreign fund inflows. Foreign Institutional Investors were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 1,797.60 crore, exchange data showed. Meanwhile investors are awaiting the Reserve Bank of India's bi-monthly policy announcement tomorrow. The RBI is widely expected to keep policy rates unchanged for the 11th consecutive time, as the retail inflation is above the upper tolerance level of the central bank.
The partially convertible currency is currently trading at 84.73, stronger by 2 paise from its previous close of 84.75 on Wednesday. The currency touched a high and low of 84.7350 and 84.7025 respectively.
