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Rupee strengthens against US dollar on Wednesday

12 Jul 2023 Evaluate
Indian rupee strengthened against the US dollar on Wednesday, tracking foreign fund inflows in to the capital markets. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 1,197.38 crore, exchange data showed. Moreover, weaker American currency at overseas markets ahead of key US inflation data also supported rupee sentiments. Meanwhile, US Federal Reserve officials also signalled the central bank was nearing the end of its tightening cycle. However, a surge in crude oil prices limited sharp gains in rupee.

The partially convertible currency is currently trading at 82.28, stronger by 13 paise from its previous close of 82.41 on Tuesday. The currency touched a high and low of 82.3275 and 82.2525 respectively.

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