Rupee edges higher against US dollar on Tuesday
Indian rupee edged higher against the US dollar on Tuesday supported by a firm trend in domestic equities. Sentiments were positive with a survey showing that India's business activity expanded at its fastest pace in nearly 14 years in the month of April thanks to robust demand. It also showed easing input inflation and positive jobs growth. That suggests India is well placed to remain the fastest growing major economy this year after posting strong expansion over the past few quarters. HSBC's flash India Composite purchasing managers' Index INPMCF=ECI, compiled by S&P Global, rose to 62.2 this month from March's final reading of 61.8. The reading has been consistently above the 50-mark separating expansion from contraction since August 2021.
The partially convertible currency is currently trading at 83.35, up by 1 paisa from its previous close of 83.36 on Monday. The currency touched a high and low of 83.39 and 83.29 respectively.
