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Rupee strengthens against US dollar on Wednesday

11 May 2022 Evaluate

Indian rupee strengthened against the US dollar on Wednesday, supported by decline in international crude oil prices. Meanwhile, investors are awaiting the release of inflation data from the United States that will offer a guide to how aggressively the Federal Reserve will raise interest rates. However, muted domestic equities and persistent foreign fund outflows restricted further gains in rupee. Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 3,960.59 crore, exchange data showed. On the global front, the US dollar hovered near a two-decade high against its major peers on Wednesday.

The partially convertible currency is currently trading at 77.27, stronger by 7 paise from its previous close of 77.34 on Tuesday. The currency touched a high and low of 77.3100 and 77.1750 respectively.

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