Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday, tracking firm domestic equities after the US-Japan trade deal raised hopes of further agreements. Meanwhile, investors are keeping a close watch on the outcome of India-US trade talks ahead of the August 1 deadline as Indian exporters are staring at higher tariffs in the American market. However, firm American currency, outflow of foreign funds and higher crude oil prices have limited further gains in domestic currency. Foreign institutional investors offloaded equities worth Rs 3,548.92 crore on a net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 86.36, stronger by 2 paise from its previous close of 86.38 on Tuesday. The currency touched a high and low of 86.4650 and 86.3450 respectively.
