Rupee strengthens against US dollar on Wednesday

24 May 2023 Evaluate

Indian rupee strengthened against the US dollar on Wednesday, supported by foreign fund inflows into the capital market with data showed Foreign Institutional Investors bought Rs 182.51 crores worth of shares on Tuesday. Although, dollar strength, fresh signs of tensions in Sino-US relations and ongoing US debt negotiations limited further strength in domestic currency. Investors are cautiously awaiting cues from the minutes of the US Federal Reserve's May meeting due later in the day. On the global front, China’s yuan weakened to near six-month lows against the US dollar.

The partially convertible currency is currently trading at 82.69, stronger by 16 paise from its previous close of 82.85 on Tuesday. The currency touched a high and low of 82.84 and 82.66 respectively.

© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.