Rupee strengthens against US dollar on Tuesday
The Indian rupee strengthened against the US dollar on Tuesday, supported by a firm domestic equity market as investors stayed optimistic ahead of the two-day GST Council meeting, where a major rate overhaul is expected. Rupee improved further as US President Donald Trump said India has offered to eliminate tariffs on US goods following Washington’s decision last week to impose steep new levies on Indian exports. However, some gains were limited by persistent foreign fund outflows and dollar demand. Foreign Institutional Investors offloaded equities worth Rs 1,429.71 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 88.03, stronger by 7 paise from its previous close of 88.10 on Monday. The currency touched a high and low of 88.16 and 87.97 respectively.
