Rupee strengthens against US dollar on Wednesday
Indian rupee strengthened marginally against the US dollar on Wednesday, even after the American currency strengthened overseas amid Minneapolis Federal Reserve President Neel Kaskari’s comments that interest rates in the US might need to be steady for a longer period. Moreover, dollar demand from foreign investors and easing crude oil prices have also supported rupee sentiments. However, significant foreign fund outflows limited further gains in rupee. Foreign Institutional Investors were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 3,668.84 crore, exchange data showed.
The partially convertible currency is currently trading at 83.50, stronger by 1 paisa from its previous close of 83.51 on Tuesday. The currency touched a high and low of 83.5050 and 83.4925 respectively.
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