Rupee strengthens against US dollar on Tuesday
Indian rupee strengthened against the US dollar on Tuesday as the US dollar weakened against its major peers overseas. Firm domestic equities and foreign fund inflows have also supported rupee sentiments. Foreign institutional investors bought equities worth Rs 1,970.17 crore on a net basis on Monday, exchange data showed. However, uncertainties over global trade war have limited further gains in the domestic unit. The US president again repeated his criticism of US Federal Reserve chair Jerome Powell and said that the US economy will slow unless interest rates are lowered immediately.
The partially convertible currency is currently trading at 85.08, stronger by 7 paise from its previous close of 85.15 on Monday. The currency touched a high and low of 85.1950 and 85.07 respectively.
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