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Rupee strengthens against US dollar on Thursday

20 Apr 2023 Evaluate
Indian rupee strengthened against the US dollar on Thursday tracking firm trend in domestic equities following a retreat in crude oil prices from elevated levels. Weak American currency also helped rupee to strengthen. However, foreign funds outflows from capital markets limit the rupee’s up move. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they offloaded shares worth Rs 13.17 crore, exchange data showed. Growing concerns of recession and hawkish comments from the US Federal Reserve officials also makes investors cautious.

The partially convertible currency is currently trading at 82.17, stronger by 8 paise from its previous close of 82.25 on Wednesday. The currency touched a high and low of 82.2150 and 82.1200 respectively.

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