Rupee strengthens against US dollar in early trade on Friday
The Indian rupee strengthened against the US dollar in early trade on Friday, supported by foreign fund inflows and likely intervention from the Reserve Bank of India. Foreign Institutional Investors bought equities worth Rs 595.78 crore, while Domestic Institutional Investors also purchased equities worth Rs 2,700.36 crore on Thursday, exchange data showed. Corporate dollar inflows and easing crude oil prices also helped rupee strengthen against the dollar. Rupee sentiments improved further by firm domestic equities as lower-than-expected US consumer price inflation data for November bolstered expectations that the Federal Reserve will cut its benchmark interest-rate at least twice next year.
The partially convertible currency is currently trading at 90.03, stronger by 17 paise from its previous close of 90.20 on Thursday. The currency touched a high and low of 90.22 and 89.9625 respectively.
