Rupee strengthens against US dollar on Wednesday
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Indian rupee strengthened against the US dollar on Wednesday ahead of the Reserve Bank of India's monetary policy decision later this week. Further, firm domestic equities and sustained foreign fund inflows also supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 5,223.51 crore, exchange data showed. Moreover, weak American currency at overseas markets and expectations of US Fed's interest rate cut next year have also helped rupee trade higher.
The partially convertible currency is currently trading at 83.35, stronger by 2 paise from its previous close of 83.37 on Tuesday. The currency touched a high and low of 83.3725 and 83.3325 respectively.
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