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Indian rupee is trading stronger against US dollar on Tuesday tracking moderating global crude oil prices amid hopes that negotiation between Russia and Ukrain might provide a resolution to the current geopolitical scenario. U.S. Federal Reserve is set to raise rates for the first time since the pandemic at its meeting which concludes Wednesday, with traders looking for indications about the pace of future rate hikes. Meanwhile, foreign institutional investors (FIIs) continue selling in India as they have net sold shares worth Rs 176.52 crore on March 14, the lowest offloading in a single day in the last one month. On the global front, yen remained under pressure on Tuesday and the dollar was bruised by the latest lockdowns in China following new COVID-19 outbreaks.

The partially convertible currency is currently trading at 76.44, stronger by 10 paise from its previous close of 76.54 on Monday. The currency touched a high and low of 76.44 and 76.32 respectively.