Rupee strengthens against US dollar in early trade on Thursday
The Indian rupee strengthened against the US dollar in early trade on Thursday tracking a weaker American currency after the US Department of the Treasury announced that it will double the maximum size of its liquidity support buyback operations for longer-dated securities from $2 billion to at least $4 billion per operation, starting September 9, and the minutes showed Fed officials at their July meeting pointed to the potential for higher rates unless inflation calms. Meanwhile, Foreign institutional investors purchased (FIIs) equities worth Rs 407.99 crore on a net basis on Wednesday, exchange data showed. However, some gains were limited as Brent crude holds above $91 a barrel, as markets assess the US-Iran conflict and shipping disruption through the Strait of Hormuz.
The partially convertible currency is currently trading at 95.64, stronger by 9 paise from its previous close of 95.73 on Wednesday. The currency touched a high and low of 95.6650 and 95.56 respectively.
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