Rupee strengthens against US dollar in early trade on Monday
The Indian rupee strengthened against the US dollar in early trade on Monday, supported by lower crude oil prices after Trump indicated that further American military strikes on Iran were unlikely if ongoing negotiations progress toward a strong agreement. Moreover, strong foreign fund inflows and a weak dollar supported rupee sentiments. Foreign institutional investors bought equities worth Rs 13,749.82 crore on Friday, exchange data showed. Meanwhile, the RBI said India's forex reserves dropped $2.691 billion to $717.056 billion during the week ended October 30.
The partially convertible currency is currently trading at 93.84, stronger by 14 paise from its previous close of 93.98 on Friday. The currency touched a high and low of 93.88 and 93.69 respectively
