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Rupee strengthens against US dollar on Thursday

28 Jul 2022 Evaluate
Indian rupee strengthened against the US dollar on Thursday tracking the overnight weakness of the American currency as comments from the US Federal Reserve Chairman Jerome Powell on future interest rate hikes sounded less hawkish than expected. Further, firm domestic equities also adding support to rupee sentiments. However, foreign fund outflows in the capital market, firm crude oil prices, month-end importers’ demand for the US dollar and global recession fears restricted further gains for the domestic currency. Foreign Institutional Investors (FIIs) remained net sellers in the capital market on Wednesday, offloading shares worth Rs 436.81 crore, exchange data showed. 

The partially convertible currency is currently trading at 79.75, stronger by 16 paise from its previous close of 79.91 on Wednesday. The currency touched a high and low of 79.8500 and 79.7350 respectively.



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