Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday, even as investors looked for clarity on the progress of a potential India-US trade deal that is reportedly nearing the final stages. Commerce and industry minister Piyush Goyal has said that the good news on the India-US trade deal will only come when the terms become fair, equitable and balanced. The remarks came days after US President Donald Trump recently stated that the US is pretty close to reaching fair trade deal with India, adding that he would lower tariffs imposed on Indian goods at some point. Investors are also awaiting the US Federal Reserve's FOMC meeting minutes releases. Meanwhile, lower crude oil prices and a steady American currency have supported rupee sentiments. Although, Foreign institutional investors sold equities worth Rs 728.82 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 88.47, stronger by 13 paise from its previous close of 88.60 on Tuesday. The currency touched a high and low of 88.5750 and 88.4150 respectively.
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