Rupee strengthens against US dollar in early trade on Monday
The partially convertible currency is currently trading at 90.73, stronger by 21 paise from its previous close of 90.94 on Friday
The Indian rupee strengthened against the US dollar in early trade on Monday, supported by strong opening in domestic equity markets and sharp fall in global crude oil prices. Rupee improved further by weaker American currency overseas amid renewed uncertainties over US President Donald Trump hiking tariffs to 15% from 10%, a day after the Supreme Court struck down the president’s reciprocal tariffs. Moreover, a jump in forex reserves also supported the domestic currency. The RBI said India's forex reserves jumped $8.663 billion to hit a new all-time high of $725.727 billion in the week ended February 13. However, foreign institutional investors offloaded equities worth Rs 934.61 crore, exchange data showed.
The partially convertible currency is currently trading at 90.73, stronger by 21 paise from its previous close of 90.94 on Friday. The currency touched a high and low of 90.79 and 90.6775 respectively.
