Rupee strengthens against US dollar amid US-China trade talks in focus
The Indian rupee strengthened against the US dollar on Tuesday as markets await the outcome of US-China trade talks aimed at resolving a trade war between the two largest economies. After day one, US President Donald Trump said he’s receiving ‘good reports,’ while noting that ‘China’s not easy.’ While, firm domestic equities and robust foreign capital inflows also supported rupee sentiments. Foreign institutional investors bought equities worth Rs Rs 1,992.87 crore on a net basis on Monday, exchange data showed. However, surging global crude oil prices and a strengthening US dollar against overseas currencies limited sharp gains in the local unit.
The partially convertible currency is currently trading at 85.59, stronger by 7 paise from its previous close of 85.66 on Monday. The currency touched a high and low of 85.63 and 85.51 respectively.
