Indian rupee strengthened against US dollar on Monday supported by firm domestic equities despite persistent foreign fund outflows from capital markets. Foreign Institutional Investors (FIIs) turned net sellers and offloaded shares worth Rs 1,265.41 crore on Friday, exchange data showed. Besides, fall in American currency at overseas markets also supported rupee sentiments. However, rising crude oil prices in international market, limited the gain in the local unit. The government on Saturday announced a record Rs 8 per litre cut in excise duty on petrol and Rs 6 per litre reduction on diesel.
The partially convertible currency is currently trading at 77.64, stronger by 6 paise from its previous close of 77.70 on Friday. The currency touched a high and low of 77.6950 and 77.6100 respectively.
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