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Rupee strengthens against US dollar on Monday

20 Jun 2022 Evaluate

Indian rupee strengthened against the US dollar on Monday after oil suffering a hefty drop caused by growing fears over a possible recession. Rupee sentiments improved further by weakness in US dollar index ahead of a federal holiday in the US. However, muted trend in domestic equities following unabated foreign fund outflows, restricted the gains in rupee. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 7,818.61 crore on Friday, exchange data showed.

The partially convertible currency is currently trading at 77.97, stronger by 8 paise from its previous close of 78.05 on Friday. The currency touched a high and low of 77.9800 and 77.8775 respectively.

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