Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday tracking a positive trend in domestic equities and weaker dollar as mild U.S. inflation data cemented expectations for a Federal Reserve rate cut in September. However, some gains were limited by foreign fund outflows, surging crude oil prices and uncertainty over the trade tariffs issue between India and the US. While, investors are in a wait-and-watch mode ahead of the US-Russia talks on August 15. Foreign Institutional Investors offloaded equities worth Rs 3,644.43 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 87.44, stronger by 3 paise from its previous close of 87.47 on Wednesday. The currency touched a high and low of 87.4950 and 87.3900 respectively.
