Indian rupee strengthened against the US dollar on Wednesday as the US currency steadied ahead of the outcome of the US midterm election results as well as crucial US inflation data. Moreover, sustained foreign fund inflows supported rupee sentiments. Foreign Institutional Investors (FIIs) were net buyers in the capital markets as they purchased shares worth Rs 1,948.51 crore on Monday, exchange data showed. However, Chinese officials reiterated their commitment to a strict covid containment approach in the face of surging infected cases in China, capped further gains in rupee. Meanwhile, the forex market was closed yesterday on account of Gurunanak Jayanti.
The partially convertible currency is currently trading at 81.54, stronger by 38 paise from its previous close of 81.92 on Monday. The currency touched a high and low of 81.62 and 81.4250 respectively.
