Rupee strengthens against US dollar on Tuesday
The Indian rupee strengthened against the US dollar on Tuesday, amid optimism over India's potential trade deal with the United States, while the record 41-day US government shutdown is nearing an end after the Senate passed a temporary funding measure also supported the domestic unit. Rupee sentiments improved further after a private investment bank reportedly upgraded its stance on Indian equities to 'overweight’ from ‘neutral’, indicating that the prolonged earnings downgrade cycle may have reached its end. However, a muted trend in domestic equities and foreign fund outflows have limited further gains in the rupee. Foreign Institutional Investors offloaded equities worth Rs 4,114.85 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 88.69, stronger by 4 paise from its previous close of 88.73 on Monday. The currency touched a high and low of 88.72 and 88.67 respectively.
