Rupee strengthens against US dollar in early trade on Friday
The Indian rupee strengthened against the US dollar in early trade on Friday tracking firm domestic equities, falling crude oil prices following reports that the United States and Iran were considering a phased deal to reopen the Strait of Hormuz and lift a US blockade on Iranian ports. Moreover, persistent interventions by ?the Reserve Bank of India also supported rupee sentiment. However, persistent dollar demand from oil companies, expectations of a Federal Reserve interest rate hike, and weakness in foreign fund inflows have limited further gains in the domestic unit. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,027.36 crore on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 95.89, stronger by 10 paise from its previous close of 95.99 on Thursday. The currency touched a high and low of 95.9450 and 95.85 respectively.
