Rupee hits April high on foreign inflows
The Indian rupee reached its strongest level since April as foreign inflows into local equities offset pressure from a stronger dollar. Investors poured billions into Indian stocks this month. Markets now await upcoming inflation data.
Insights:
The India rupee touched 93.69 per dollar on Wednesday, marking its strongest level since April as foreign inflows offset broad dollar strength. The currency gained 0.2% on day after hitting an intraday high of 93.6350 during afternoon trading. Strong portfolio inflows and positive non-deliverable forward market activity helped the unit recover from its record low of 96.96 reached in May.
