Rupee strengthens marginally against US dollar on Thursday
Indian rupee strengthened marginally against the US dollar on Thursday as weak crude oil prices and suspected intervention by the Reserve Bank of India supported rupee sentiments. Meanwhile, participants are awaiting US economic data to determine the number of interest rate cuts by the US Federal Reserve in the near term. However, some gains were limited as the American currency steadied at an over two-month highs with growing speculation over a second Donald Trump presidency. Sluggish domestic equities and continued foreign fund outflows have kept rupee under pressure and limited further gains in local unit. Foreign institutional investors were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 3,435.94 crore, exchange data showed.
The partially convertible currency is currently trading at 84.01, stronger by 1 paise from its previous close of 84.02 on Wednesday. The currency touched a high and low of 84.02 and 83.99 respectively.
