Indian rupee strengthened against the US dollar on Friday on account of the renewed hopes for US-China trade talks after China indicated that it may not retaliate against the latest tariffs imposed by the US for now. Besides, easing crude oil prices also supported the rupee sentiment. Though, unabated foreign fund outflows weighed on the domestic unit restricted its gains. Foreign Institutional Investors (FIIs) remained net sellers in the capital markets, pulling out Rs 986.58 crore on Thursday, as per provisional data. On the global front, the dollar held firm against the yen as comments from Beijing sparked renewed hopes that China and the United States could get full-fledged negotiations back on track to resolve their protracted trade dispute.
The partially convertible currency is currently trading at 71.75, stronger by 5 paise from its previous close of 71.80 on Thursday. The currency touched a high and low of 71.7650 and 71.4950 respectively. The reference rate for the dollar stood at 71.70 and for Euro stood at 79.49 on August 28, 2019. While the reference rate for the Yen stood at 67.77, the reference rate for the Great Britain Pound (GBP) stood at 88.02.
