Rupee strengthens against US dollar in early trade on Tuesday
The Indian rupee strengthened against the US dollar in early trade on Tuesday, driven by lower crude oil prices as the US and Iran refrained from attacking each other's targets for the third consecutive day and mediators achieved progress in getting both sides back to negotiations. Moreover, persistent intervention by the Reserve Bank of India has also supported the domestic currency. Investors' big focus will be on the Federal Reserve, which will give an update Wednesday on its interest rate policy. Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,688.23 crore on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 95.77, stronger by 22 paise from its previous close of 95.99 on Monday. The currency touched a high and low of 95.7775 and 95.63 respectively
