Indian rupee strengthened marginally against the US dollar on Monday as heavy buying in domestic equities. Rupee sentiments improved further as easing oil cooled off fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening. Further, weakness in the American currency also strengthened rupee. However, persistent foreign fund outflows restricted the rupee's rise. Foreign Institutional Investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 2,353.77 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 78.30, stronger by 3 paise from its previous close of 78.33 on Friday. The currency touched a high and low of 78.31 and 78.24 respectively.
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