Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday as the American currency weakened against its major peers, while markets are awaiting the outcome of US tariff talks with its various trading partners. Rupee sentiments improved further amid a massive inflow of foreign funds into Indian capital markets and lower crude oil prices. Foreign institutional investors bought equities worth Rs 6,065.78 crore on a net basis on Tuesday, exchange data showed. The government data showed India's retail inflation dropped to over a five-year low of 3.34%, while wholesale price inflation in the country declined to a 6-month low of 2.05% in March.
The partially convertible currency is currently trading at 85.64, stronger by 16 paise from its previous close of 85.80 on Tuesday. The currency touched a high and low of 85.6975 and 85.5075 respectively.
