Indian rupee strengthens against US dollar on Tuesday
Indian rupee strengthened against the US dollar on Tuesday tracking the rebound in the domestic equity market, even as foreign investors sold equities on fear of possible recession in the United States and escalation of geopolitical tensions in the Middle East. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 10,073.75 crore, exchange data showed. Moreover, weakness in the American currency and growing expectations of deeper interest rate cuts by the US Federal Reserve starting from September have also supporting rupee sentiments.
The partially convertible currency is currently trading at 83.89, stronger by 20 paise from its previous close of 84.09 on Monday. The currency touched a high and low of 83.92 and 83.84 respectively.
