Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday amid fresh foreign fund inflows. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,482.77 crore on Tuesday, according to exchange data. Traders took support with report that India's export trajectory from 2010 to 2023 has shown a consistent and steady upward trend, reflecting the resilience and dynamism of its trade sector. Investors took note of report that Chief Economic Advisor (CEA) to the Indian government, V Anantha Nageswaran, has said the country needs to prioritise areas like manufacturing, education, and employment generation to become a developed nation by 2047 and become indispensable like China.
The partially convertible currency is currently trading at 86.30, stronger by 04 paise from its previous close of 86.34 on Tuesday. The currency touched a high and low of 86.4200 and 86.2525 respectively.
