Rupee strengthens against US dollar
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Indian rupee strengthened against the US dollar on Tuesday amid positive trend in domestic equity markets and receding global crude prices boosted investor sentiment. The International benchmark, brent crude, was down nearly $1.5 to last trade around $104.5 per barrel after sinking 6 per cent in the previous session as coronavirus lockdowns in China, the top oil importer, fed worries about energy demand. Besides, a weak American currency against its global rivals also helped the domestic unit. Traders shrugged off report stating that foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth Rs 3,361.80 crore.
The partially convertible currency is currently trading at 77.25, stronger by 19 paise from its previous close of 77.44 on Friday. The currency touched a high and low of 77.2950 and 77.2000 respectively.
