India In-Focus — Rupee strengthens; Shares up; Morgan Stanley trims GDP forecast

RIYADH: The Indian rupee strengthened against the dollar on Monday, tracking other Asian currencies and following slight gains in the domestic share market.

The rupee had weakened to a record low of 79.96 against the dollar last week, weighed down by broad gains as red-hot inflation data raised fears of more aggressive policy tightening by the US Federal Reserve.

The partially convertible rupee rose to 79.73 per dollar at one point, compared with Friday’s close of 79.88. It was trading at 79.83, as of 0417 GMT.