Rupee strengthens against US dollar on Tuesday
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Indian rupee strengthened against the US dollar on Tuesday, tracking the weakness of the American currency at overseas market. Moreover, growing optimism for an end to the US Federal Reserve’s interest rate hikes also supported domestic rupee to some extent. Meanwhile, investors are eagerly awaiting the FOMC meeting minutes which will be released on Wednesday. However, Foreign Institutional Investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 645.72 crore, exchange data showed.
The partially convertible currency is currently trading at 83.35, stronger by 3 paise from its previous close of 83.38 on Monday. The currency touched a high and low of 83.3750 and 83.32 respectively.
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