Rupee strengthens against US dollar in early trade on Thursday
The Indian rupee strengthened against the US dollar in early trade on Thursday after the US Federal Reserve held interest rates unchanged at 3.50%-3.75% for a fifth consecutive meeting in July 2026 in line with expectations. This occurred even though Chair Kevin Warsh reiterated that inflation must return to its 2% target and reinforced expectations of higher for longer interest rates. Moreover, foreign fund inflows and falling crude oil prices also supported rupee sentiment. Foreign Institutional Investors (FIIs) purchased equities worth Rs 2,981.87 crore on a net basis on Wednesday, exchange data showed. However, the continued exchange of strikes between the United States and Iran in West Asia limited further gains in the rupee.
The partially convertible currency is currently trading at 95.69, stronger by 7 paise from its previous close of 95.76 on Wednesday. The currency touched a high and low of 95.70 and 95.5675 respectively.
