The Indian rupee strengthened against the US dollar in early trade on Thursday, as firm domestic equity markets and likely intervention by the Reserve Bank of India offset the downward pressure caused by hawkish Federal Reserve minutes. However, some gains were limited by surging crude oil prices followed US President Donald Trump's announcement that the ceasefire with Iran had ended, which was in response to Iranian attacks on commercial ships in the Strait of Hormuz and on American military sites in other Gulf nations. Meanwhile, foreign institutional investors (FIIs) purchased equities worth Rs 1,962.80 crore on a net basis on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 95.34, stronger by 14 paise from its previous close of 95.48 on Wednesday. The currency touched a high and low of 95.5850 and 95.34 respectively.
