Rupee strengthens against US dollar on Wednesday
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Indian rupee strengthened against the US dollar on Wednesday, tracking weaker American currency at overseas market after the release of US Conference Board consumer confidence data for September missed expectations. Data showed that the US Conference Board's consumer confidence index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. Rupee improved further after the Asian Development Bank retained India's growth forecast at 7% for the current fiscal and said the Indian economy is expected to accelerate in the coming quarters on improved farm output, and higher Government spending. Meanwhile, the rupee continued to hold steady within a well-defined range on active intervention by the central bank (RBI). However, some gains were limited amid foreign fund outflows from capital markets. Foreign Institutional Investors were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,784.14 crore, exchange data showed.
The partially convertible currency is currently trading at 83.52, stronger by 11 paise from its previous close of 83.63 on Tuesday. The currency touched a high and low of 83.59 and 83.52 respectively.
