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Rupee strengthens against US dollar on Thursday

20 Jul 2023 Evaluate

Indian rupee strengthened against the US dollar on Thursday supported by softness in the US dollar and sustained foreign fund inflows into the capital market. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 1,165.47 crore, exchange data showed. Meanwhile, investors are eagerly awaiting cues from the upcoming US Federal Reserve’s interest rate decision next week. On the global front, Chinese yuan jumped after Chinese monetary authorities ramped up efforts to defend a weakening currency by relaxing rules to allow companies to borrow more overseas and adjusting a daily benchmark, alongside yuan-buying trades by state-owned banks.

The partially convertible currency is currently trading at 82.04, stronger by 4 paise from its previous close of 82.08 on Wednesday. The currency touched a high and low of 82.0550 and 82.02 respectively.

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