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Indian rupee strengthened against the US dollar on Tuesday tracking firm domestic equities with weak American currency overseas. Further, strong Asian currencies and foreign portfolio investment flows into the Indian markets too added support to the domestic currency. Meanwhile, Foreign Institutional Investors (FIIs) offloaded shares worth Rs 893.25 crore on Monday, exchange data showed. However, rising Covid-19 cases and negative global cues capped some upside momentum in rupee. On the global front, apart from the $1.9 trillion US Covid-19 relief bill that is expected to pass by the end of the week, market participants are awaiting US Federal Reserve Chairman Jerome Powell’s testimony on the Semiannual Monetary Report to Congress starting Tuesday.

The partially convertible currency is currently trading at 72.35, stronger by 14 paise from its previous close of 72.49 on Monday. The currency touched a high and low of 72.4100 and 72.3100 respectively. The reference rate for the dollar stood at 72.73, and for Euro stood 87.61 on February 18, 2021. While the reference rate for the Yen stood at 68.68, the reference rate for the Great Britain Pound (GBP) stood at 100.71.