Rupee strengthens against US dollar on Thursday

The Indian rupee strengthened against the US dollar on Thursday, as counting of votes for the seven-phase Lok Sabha elections began across the country. The counting exercise is on in over 4,000 counting centers. Most of the exit polls have predicted that the BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term. Besides, easing crude prices and a higher opening in domestic equities also supported the rupee. However, foreign fund outflows dampened the sentiment of forex traders. Foreign institutional investors (FIIs) were net sellers in the capital markets, pulling out Rs 965.02 crore Wednesday, according to provisional exchange data. On the global front, the yen advanced broadly as persistent US-China trade fears and Brexit concerns fanned risk aversion, lifting the safe-haven Japanese currency.

The partially convertible currency is currently trading at 69.48, stronger by 18 paise from its previous close of 69.66 on Wednesday. The currency touched a high and low of 69.6000 and 69.3700 respectively. The reference rate for the dollar stood at 69.72 and for Euro stood at 77.72 on May 21, 2019. While the reference rate for the Yen stood at 63.28, the reference rate for the Great Britain Pound (GBP) stood at 88.62.

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