Rupee strengthens marginally against US dollar on Monday
Indian rupee strengthened marginally against the US dollar on Monday, supported by drop in the American currency and US Treasury yields on mounting worries over the growth outlook of the US economy. Meanwhile, investors are awaiting the key US inflation report set for release later this week. Although some gains were limited by a sharp fall in domestic equities following a decline in the country's forex reserves, sustained foreign fund outflows and concerns over US tariffs. The latest RBI data released on Friday showed India's forex reserves dropped by $2.54 billion to $635.721 billion in the week ended February 14, snapping the three-week streak of increase. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,449.15 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 86.67, stronger by 1 paise from its previous close of 86.68 on Friday. The currency touched a high and low of 86.7050 and 86.5875 respectively.
