Rupee strengthens against US dollar in early trade on Tuesday
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The Indian rupee strengthened against the US dollar in early trade on Tuesday, tracking firm domestic equities after reports that Saudi Arabia has slashed Asia oil prices by $11 per barrel in a record cut in the last 26 years. This move came amid improving supply conditions and the easing of geopolitical tensions in the Middle East. Additionally, foreign fund inflows supported the rupee’s sentiments. Foreign Institutional Investors purchased equities worth Rs 243.03 crore in the domestic equity market on Monday, exchange data showed. Investors awaited the release of the Fed's June 16-17 meeting minutes for further policy guidance, while markets remained alert for potential intervention by the Reserve Bank of India, which reportedly sold dollars through state-run banks near the 95.50 level to curb further depreciation.
The partially convertible currency is currently trading at 95.33, stronger by 10 paise from its previous close of 95.43 on Monday. The currency touched a high and low of 95.3750 and 95.24 respectively.
