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Rupee strengthens against US dollar on Monday

20 Mar 2023 Evaluate
Indian rupee strengthened against the US dollar on Monday on the back of firm Asian currencies and weak crude oil prices, despite continuous outflows from Foreign Institutional Investors (FIIs).  FIIs were net sellers in the domestic capital market on Friday as they offloaded shares worth Rs 1,766.53 crore, exchange data showed. However, weak sentiments in equity markets and strong American currency overseas following concerns over the health of the global banking system capped further gain in rupee. Investors are cautiously awaiting the results of a two-day Fed meeting on Wednesday with a smaller 25 basis points rate hike expectations.

The partially convertible currency is currently trading at 82.51, stronger by 8 paise from its previous close of 82.59 on Friday. The currency touched a high and low of 82.5450 and 82.4550 respectively.

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