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Rupee strengthens against US dollar on Wednesday

08 Jun 2022 Evaluate

Indian rupee strengthened against the US dollar on Wednesday even as domestic equity market benchmarks were muted after the Reserve Bank of India announced a hike in the repo rate by 50 basis points to 4.9% in its June bi-monthly meeting. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,293.98 crore on Tuesday, exchange data showed. Although, surging crude oil prices and unabated foreign fund outflows capped gains in rupee. On the global front, the yen hit a fresh 20-year low against the US dollar and slipped to a seven-year trough against the euro as traders awaited the European Central Bank meeting, which is likely to leave Japan alone among its major peers in sticking to ultra-easy monetary policy.

The partially convertible currency is currently trading at 77.70, stronger by 8 paise from its previous close of 77.78 on Tuesday. The currency touched a high and low of 77.7250 and 77.6450 respectively.

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