Rupee strengthens against US dollar on Tuesday
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Indian rupee strengthened against the US dollar on Tuesday, tracking firm domestic equity markets and softening crude oil prices. Meanwhile, investors are focusing on minutes of the Federal Reserve’s July policy meeting and the US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium as the market is widely expecting a steep interest rate cut. However, some gains were limited by foreign fund outflows from capital markets. Foreign institutional investors were net sellers in the capital markets on Monday, offloading shares worth Rs 2,667.46 crore, exchange data showed.
The partially convertible currency is currently trading at 83.80, stronger by 7 paise from its previous close of 83.87 on Monday. The currency touched a high and low of 83.88 and 83.7850 respectively.
