Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday, tracking marginal gains in domestic equities, easing US tariff risks and optimism over New Delhi's tax reforms. But some gains were limited by foreign fund outflows with caution as the market eyes potential Russia-Ukraine talks. Foreign Institutional Investors offloaded equities worth Rs 634.26 crore on Tuesday, exchange data showed. Traders are also awaiting cues from the US Federal Reserve Chief Jerome Powell's speech on the path of monetary policy at the Jackson Hole Symposium this weekend.
The partially convertible currency is currently trading at 87.07, stronger by 6 paise from its previous close of 87.13 on Tuesday. The currency touched a high and low of 87.1650 and 86.99 respectively.
