Rupee strengthens against US dollar on Tuesday
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Indian rupee strengthened against the US dollar on Tuesday driven by the softer US Dollar ahead of US personal consumption expenditure (PCE) inflation data due on Friday. Rupee sentiments improved further by possible intervention from the Reserve Bank of India to curb pressure on the domestic unit. India's forex reserves increased by $6.396 billion to $642.492 billion for the week ended March 15. However, Foreign institutional Investors were net sellers in the capital markets on Friday as they offloaded shares worth Rs 3,309.76 crore on a net basis, exchange data showed. Forex, equity markets were shut on Monday on account of Holi.
The partially convertible currency is currently trading at 83.35, stronger by 26 paise from its previous close of 83.61 on Friday. The currency touched a high and low of 83.37 and 83.3225 respectively.
