Indian rupee strengthened against the US dollar on Friday on continued selling of the American currency by banks and exporters. The strength came despite reports that industrial production slipped to a seven-month low of 3.2% in May due to sluggish performance of manufacturing and power sectors, while retail inflation continued to remain firm in June on costlier fuel. Retail inflation spiked to a five-month high of 5% in June. Besides, higher opening in the domestic equity market supported the rupee. On the global front, the dollar was buoyant near a 10-day peak on Friday, supported by Treasury yields that edged higher on expectations the US inflation rate will pick up. However, concerns about rising US-China trade tensions capped the American currency’s gains.
The partially convertible currency is currently trading at 68.42, stronger by 15 paise from its previous close of 68.57 on Thursday. The currency touched a high and low of 68.4475 and 68.3150 respectively.
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