Rupee stages a comeback on FPIs’ return, lower crude prices
After nine months of outflows, foreign institutional investors turned net buyers of Indian stocks in July and August
MUMBAI : The rupee strengthened to 78.49 against the dollar on Tuesday to reach its strongest level in a month, buoyed by lower crude prices and the return of foreign portfolio investors (FPIs) to the Indian markets. The currency, however, failed to hold on to the gains, falling 0.32% from the previous day’s 79.02 to close at 78.71 to the dollar. The rupee has appreciated by 1.19% since 27 July, after weakening more than 7% this year.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started