Rupee strengthens marginally against the US dollar on Wednesday
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Indian rupee strengthened marginally against the US dollar on Wednesday, despite volatility in the domestic equity benchmark indices ahead of key inflation data later in the day that could influence the Federal Reserve’s interest rate decision. Meanwhile, foreign fund inflows and steady dollar index have supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,285.96 crore, exchange data showed. Although, the rupee had opened at its lowest after the market expected the new RBI Governor Sanjay Malhotra to be dovish in his stance coming from the Finance Ministry and might cut interest rates as early as in February 2025.
The partially convertible currency is currently trading at 84.84, stronger by 1 paise from its previous close of 84.85 on Tuesday. The currency touched a high and low of 84.87 and 84.8375 respectively.
