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Published on 10/01/2023 12:58:05 PM | Source: Accord Fintech

Rupee strengthens against US dollar on Tuesday

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Indian rupee strengthened against the US dollar on Tuesday with expectations of a slower pace of interest rate hikes from the US Federal Reserve. Moreover, weakness in American currency at overseas markets and easing of crude oil prices also supported rupee sentiments. Although, weak trend in equities amidst sustained foreign fund outflows from the capital market restricted further gains in rupee value. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 203.13 crore, exchange data showed.

The partially convertible currency is currently trading at 82.15, stronger by 20 paise from its previous close of 82.35 on Monday. The currency touched a high and low of 82.2675 and 82.1275 respectively.