Indian rupee strengthened against the US dollar on Friday, tracking firm trend in domestic equities, despite sustained foreign fund outflows in the capital market. Foreign institutional investors (FIIs) were net sellers as they offloaded shares worth Rs 2,818.90 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 428.45 crore on a net basis in the Indian stock market on Thursday, exchange data showed. On the global front, the US dollar was heading for a second week of declines despite expectations that the US Federal Reserve will start to wind down its massive bond buying programme from November.
The partially convertible currency is currently trading at 74.81, stronger by 6 paise from its previous close of 74.87 on Thursday. The currency touched a high and low of 74.8550 and 74.7475 respectively.
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