Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday as investors are awaiting the Monetary Policy Committee decision of the Reserve Bank of India for further cues. Rupee improved further by weakness in the American currency as the US government headed towards a likely shutdown, which would delay the release of crucial jobs data. However, some gains were limited by persistent foreign fund outflows and mounting trade concerns. Foreign Institutional Investors offloaded equities worth Rs 2,327.09 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 88.72, stronger by 8 paise from its previous close of 88.80 on Tuesday. The currency touched a high and low of 88.7925 and 88.68 respectively.
