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Rupee strengthens against US dollar on Wednesday

08 Feb 2023 Evaluate
Indian rupee strengthened against the US dollar on Wednesday, supported by a firm domestic equities after RBI announced a hike of 25 basis points in the repo rate, as widely expected. Moreover, weakness in American currency at overseas markets also supported rupee. However, concerns over rising global fuel prices and persistent foreign capital outflows from the capital market, capped further gains in rupee. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,559.96 crore, exchange data showed.

The partially convertible currency is currently trading at 82.68, stronger by 2 paise from its previous close of 82.70 on Tuesday. The currency touched a high and low of 82.7250 and 82.6150 respectively.

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