Indian rupee strengthened against the US dollar on Thursday owing to weakness in US dollar at overseas markets. Rupee recovered from its record low even after US Fed Chair Jerome Powell said there is a risk the US central bank's interest rate hikes will slow the economy considerably. However, sustained foreign capital outflows and high crude oil prices restricted the rupee's rise. Foreign Institutional Investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 851.06 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 78.93, stronger by 10 paise from its previous close of 79.03 on Wednesday. The currency touched a high and low of 78.96 and 78.90 respectively.
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