Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday, supported by a decline in the dollar index amid increased bets of further Federal rate cuts. Furthermore, reports of central bank intervention, a surge in the domestic markets and strong foreign fund inflows further strengthened the domestic currency. Foreign Institutional Investors bought equities worth Rs Rs 68.64 crore on a net basis on Wednesday, exchange data showed. Although, some gains were limited by higher crude oil prices after US President Donald Trump said Indian Prime Minister Narendra Modi had vowed to halt purchases of Russian barrels. While, easing global risk sentiment and optimism around India- US trade talks also supported rupee sentiments.
The partially convertible currency is currently trading at 87.91, stronger by 17 paise from its previous close of 88.08 on Wednesday. The currency touched a high and low of 87.94 and 87.68 respectively.
