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Rupee strengthens against US dollar on Monday
May-29-2023

Rupee strengthened against the US dollar on Monday due to firm domestic as well global markets following news that US President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend. The rupee rose further on foreign fund inflows into the capital market with data showed Foreign Institutional Investors bought Rs 350.15 crores worth of shares on Friday. However, increasing probability of another Federal Reserve interest rate hike in June, kept investors on edge.

The partially convertible currency is currently trading at 82.54, stronger by 6 paise from its previous close of 82.60 on Friday. The currency touched a high and low of 82.6025 and 82.5150 respectively.

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