Rupee strengthens against US dollar on Tuesday
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Indian rupee strengthened against the US dollar on Tuesday, despite a strong dollar index and elevated crude oil prices in the international markets. Meanwhile, investors are awaiting comments from multiple Fed officials slated to speak through the week, including Fed Chair Powell on Wednesday for further cues on the trajectory of interest rates. India's forex reserves rose $140 million to touch an all-time high of $642.631 billion during the week ended March 22, the Reserve Bank said. Moreover, GST collections in March grew 11.5% to Rs 1.78 lakh crore on higher domestic sales. However, foreign institutional investors were net sellers in the capital markets on April 1 as they offloaded shares worth Rs 522.30 crore, exchange data showed. Forex market was closed on March 29 and April 1 on account of Good Friday and the annual account closing of banks, respectively.
The partially convertible currency is currently trading at 83.35, stronger by 4 paise from its previous close of 83.39 on Thursday. The currency touched a high and low of 83.3750 and 83.34 respectively.
