Rupee strengthens against USD amid easing crude oil prices

Indian rupee strengthened against US dollar on Thursday amid easing crude oil prices. Weak domestic equities capped some upward sentiment in rupee as investors continued to remain concerned about the spreading of novel Coronavirus outside China.

Overall, there have been more than 82,100 infections and 2,800 deaths worldwide, according to the latest toll from Johns Hopkins Center for Health Security.

Meanwhile, the market participants will also be keeping an eye on the third quarter of GDP numbers that is to be released on Friday. Foreign Institutional Investors (FIIs) sold shares worth Rs 3,336.60 crore on Wednesday, exchange data showed. On the global front, US dollar held gains against yen as the growing concern over Coronavirus outbreak is turning into a pandemic, which boosted a demand for the safety of US treasuries.

The partially convertible currency is currently trading at 71.62, stronger by three paise from its previous close of 71.65 on Wednesday. The currency touched a high and low of 71.69 and 71.60, respectively.