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Rupee strengthens against US dollar on Thursday

04 May 2023 Evaluate
Indian rupee strengthened against the US dollar on Thursday tracking firm domestic equities followed by significant foreign fund inflows into the capital market. Data showed that Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,338.00 crore on Wednesday. Rupee has improved further in line with weakness of the American currency at overseas market after the US Federal Reserve delivered a widely expected interest rate hike and signalled a pause in further increases. Meanwhile, crude oil prices below $75 a barrel also supported the domestic currency.

The partially convertible currency is currently trading at 81.71, stronger by 9 paise from its previous close of 81.80 on Wednesday. The currency touched a high and low of 81.75 and 81.6575 respectively.

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