Indian rupee strengthened against the US dollar on Friday, supported by expectation of better inflows arising from high profile initial public offerings (IPOs) of new age businesses like Nykka and Policy Bazaar. Moreover, lower crude oil prices also supported the rupee sentiments. On the global front, the US dollar held near its weakest level in a month against major peers, while market participants now await the Fed policy meeting next week. US Data showed that US economy grew at the slowest pace in more than a year last quarter, with US GDP grew 2 percent against expectation of 2.7 percent. However, Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,818.51 crore on Thursday, as exchange data showed.
The partially convertible currency is currently trading at 74.85, stronger by 7 paise from its previous close of 74.92 on Thursday. The currency touched a high and low of 74.8550 and 74.7450 respectively.
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