Rupee strengthens against US dollar on Friday
The Indian rupee strengthened against the US dollar on Friday tracking firm domestic equities ahead of likely interest rate cut by the US Federal Reserve on September 17. Rupee sentiments improved further after reports that negotiations between India and the US on the proposed trade agreement, which began in March, are progressing in a positive atmosphere and both the countries are satisfied with the progress. However, some gains were limited by recovery in the US dollar index, dollar demand from importers and persistent foreign fund outflows. Foreign Institutional Investors offloaded equities worth Rs 3,472.37 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 88.30, stronger by 5 paise from its previous close of 88.35 on Thursday. The currency touched a high and low of 88.4275 and 88.2875 respectively.
