Rupee strengthens against US dollar on Tuesday
he Indian rupee strengthened against the US dollar on Tuesday as the American currency held steady with caution on rising tariff concerns ahead of the August 1 deadline. Rupee sentiments improved further after reports that the US team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries. India and the US teams concluded the fifth round of talks for the agreement last week in Washington. Moreover, a decline in crude oil prices supported rupee sentiments. However, some gains were limited by foreign fund outflows from the Indian capital market. Foreign institutional investors offloaded equities worth Rs 1,681.23 crore on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 86.28, stronger by 3 paise from its previous close of 86.31 on Monday. The currency touched a high and low of 86.2950 and 86.22 respectively.
