Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday tracking firm domestic equities following hopes of an end to hostilities between Israel and Iran. Although some gains were limited by hawkish commentary from Fed Chair Powell, New York Fed President Williams, and Atlanta Fed President Bostic, who said they are in no hurry to cut interest rates. An increase in global crude oil prices, firm American currency and foreign fund outflows have also capped further gains in the local unit. Foreign institutional investors offloaded equities worth Rs 5,266.01 crore on a net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 85.88, stronger by 17 paise from its previous close of 86.05 on Tuesday. The currency touched a high and low of 86.01 and 85.79 respectively.
