Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday amid a weak American currency overseas, while the RBI's consistent intervention has also supported rupee sentiments. Although selling pressure from foreign investors and fading expectations of another US Fed rate cut this year after a stronger-than-expected US jobs data have prevented a sharp gain in the Indian currency. Foreign institutional investors sold equities worth Rs 1,067.01 crore on Tuesday, according to exchange data. The foreign exchange markets were closed on Wednesday on account of the Prakash Gurpurab holiday.
The partially convertible currency is currently trading at 88.60, stronger by 10 paise from its previous close of 88.70 on Tuesday. The currency touched a high and low of 88.6375 and 88.49 respectively.
