Rupee strengthens against US dollar in early trade on Tuesday
The Indian rupee strengthened against the US dollar in early trade on Tuesday, even as Brent crude prices climbed above $91 per barrel after US President Trump issued his latest threat to Iran, following the first exchange of fire in weeks. India's robust GDP growth, persistent Reserve Bank of India intervention and MSCI-related inflows have provided some support. Data showed that the Indian economy expanded 7.8% in the April-June quarter of the current financial year, compared with 6.9% growth in the same period a year earlier. Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,985.88 crore on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 94.86, stronger by 36 paise from its previous close of 95.22 on Monday. The currency touched a high and low of 95.1075 and 94.7950 respectively.
