Rupee strengthens against US dollar on Thursday
The Indian rupee strengthened against the US dollar on Thursday amid easing West Asia tensions and focus shifted to the upcoming US trade tariff deadline of July 9. Rupee improved further after the American currency softened amid an increase of bets on US interest-rate cuts on growing expectations that the next Federal Reserve chairman is likely to ease monetary policy earlier than currently anticipated. However, some gains were limited by firm crude oil prices and continued outflows by foreign institutional investors. FIIs remained net sellers in the domestic equity market, offloading shares worth Rs 2,427.74 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 85.82, stronger by 26 paise from its previous close of 86.08 on Wednesday. The currency touched a high and low of 85.9350 and 85.7450 respectively.
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