Rupee strengthens against US dollar on Tuesday
Indian rupee strengthened against the US dollar on Tuesday supported by firm trend in domestic equities, even with caution ahead of cues from the release of US inflation data that could influence the FOMC policy stance. Moreover, positive macroeconomic data also supported rupee sentiments. Data showed India's retail inflation declined to a 25-month low of 4.25% in May, while industrial production growth rose to 4.2% in April from 1.7% in March 2023. Although, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 626.62 crore, exchange data showed.
The partially convertible currency is currently trading at 82.38, stronger by 5 paise from its previous close of 82.43 on Monday. The currency touched a high and low of 82.47 and 82.35 respectively.
