Rupee strengthens against US dollar on Wednesday
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Indian rupee strengthened against the US dollar on Wednesday tracking firm domestic equities after the Reserve Bank of India's Monetary Policy Committee decided to keep the policy repo rate unchanged at 6.5% for the 10th consecutive time. Meanwhile, a steady American currency has also supportive to domestic currency. Investors are awaiting the minutes of the Fed’s September meeting and Consumer price index inflation data for further cues on interest rate cuts. However, some gains were limited by foreign fund outflows from Indian equities with exchange data showed that Foreign Institutional Investors were offloaded shares worth Rs 5,729.60 crore on Tuesday.
The partially convertible currency is currently trading at 83.95, stronger by 2 paise from its previous close of 83.97 on Tuesday. The currency touched a high and low of 83.9725 and 83.9225 respectively.
