Rupee strengthens against US dollar on weak American currency
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Indian rupee strengthened against the US dollar on Tuesday, as weak American currency in the overseas markets boosted rupee sentiments. Further, rally in domestic equities with the latest data related to the High Frequency Indicators showing strong signs of recovery in Indian economy from the devastation caused by the pandemic, also supported rupee. However, surging crude prices in overseas market and worries on continues outflows of foreign capital capped the rupee’s gains. Foreign Institutional Investors (FIIs) were net sellers as they offloaded shares worth Rs 3,361.28 crore in the capital market on Monday, exchange data showed.
The partially convertible currency is currently trading at 75.35, stronger by 10 paise from its previous close of 75.45 on Monday. The currency touched a high and low of 75.3900 and 75.2600 respectively.
