Rupee strengthens against US dollar on Wednesday
The Indian rupee strengthened against the US dollar on Wednesday after the Reserve Bank of India Monetary Policy Committee kept the repo rate unchanged at 5.5% in its August policy meeting. However, some gains were limited by foreign fund outflows, and rising trade uncertainties after US President Donald Trump’s decision to raise tariffs on India over its continued imports of Russian oil. On August 5, Foreign Portfolio Investors (FPIs) were net sellers to the tune of Rs 22.48 crore worth of shares in Indian equities, according to provisional NSE data.
The partially convertible currency is currently trading at 87.77, stronger by 11 paise from its previous close of 87.88 on Tuesday. The currency touched a high and low of 87.80 and 87.6750 respectively.
