Rupee strengthens against US dollar on Wednesday
Indian rupee strengthened against the US dollar on Wednesday tracking weakness of the American currency and lower US Treasury bond yields, while investors awaited fresh cues on when the US Federal Reserve may begin easing interest rates. Moreover, foreign fund inflows and stable domestic economic data also supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 92.52 crore, exchange data showed. Although, investors were cautious ahead of the outcome of the three-day RBI monetary policy meeting on Thursday.
The partially convertible currency is currently trading at 82.97, stronger by 8 paise from its previous close of 83.05 on Tuesday. The currency touched a high and low of 83.09 and 82.94 respectively.
