Rupee strengthens against US dollar on Tuesday
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Indian rupee strengthened marginally against the US dollar on Tuesday, tracking a weak American currency at overseas market on expectations that the US Federal Reserve is done hiking interest rates and could start cutting them by the first half of next year. Moreover, foreign fund inflows into capital markets and lower crude oil price also supporting rupee sentiments. Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,625.21 crore, exchange data showed. Meanwhile, India’s forex reserves increased by $5.077 billion to $595.397 billion during the week ended November 17, RBI said. Meanwhile, the forex market remained closed on Monday on account of Guru Nanak Jayanti.
The partially convertible currency is currently trading at 83.39, stronger by 1 paise from its previous close of 83.40 on Friday. The currency touched a high and low of 83.3950 and 83.3650 respectively.
