Indian rupee strengthened against the US dollar on Thursday as the American currency retreated overseas from recent peaks after the Federal Reserve Chair Jerome Powell told Congress that the US economy was still a ways off from levels the central bank wanted to see before tapering its monetary support. However, foreign fund outflows and firm crude oil prices capped the appreciation of the domestic unit. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,303.95 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 74.51, stronger by 8 paise from its previous close of 74.59 on Wednesday. The currency touched a high and low of 74.5500 and 74.4700 respectively.