Rupee strengthens marginally against US dollar on Tuesday
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Indian rupee strengthened marginally against the US dollar on Tuesday, as the crude oil prices eased overseas ahead of the resumption of indirect talks between the United States and Iran which may revive a nuclear deal that could lead to the removal of sanctions on Iranian oil sales, and thereby increasing global supplies. Meanwhile, traders are avoided aggressive bets before the Reserve Bank of India’s policy statement on Thursday. Though, weak domestic equities following fund outflows by foreign institutional investors, and strong American currency overseas limited further gains in rupee. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,157.23 crore on Monday, exchange data showed. The forex market was closed on Monday. On the global front, US dollar was strengthened as traders awaited US inflation data due later in the week, wary it could unleash bets on faster interest rate hikes.
The partially convertible currency is currently trading at 74.66, stronger by 3 paise from its previous close of 74.69 on Friday. The currency touched a high and low of 74.6675 and 74.5700 respectively.
