Rupee strengthens against US dollar on Thursday
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Indian rupee strengthened against the US dollar on Thursday ahead of the release of US weekly job data, while investors are also awaiting the Bank of England’s interest rate decision later in the day. However, a negative trend in domestic equities and foreign fund outflows have restricted the up-move. The FED speakers also warned that US interest rates could remain higher for longer. Foreign Institutional Investors were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 6,669.10 crore, exchange data showed.
The partially convertible currency is currently trading at 83.49, stronger by 3 paise from its previous close of 83.52 on Wednesday. The currency touched a high and low of 83.5025 and 83.4425 respectively.
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