Rupee strengthens against US dollar on Tuesday
The Indian rupee strengthened against the US dollar in early trade on Tuesday on the back of a weaker American currency against its major peers overseas as market jitters from US military action in Venezuela eased, while dip in global crude oil prices and dovish comments from Fed officials also supported rupee sentiments. Investors are now awaiting a raft of key US economic data this week for clues on the monetary policy outlook. However, US President Donald Trump's remarks on tariffs on India, foreign fund outflows, and weak domestic equities have capped sharper gains in the rupee. Foreign institutional investors offloaded equities worth Rs 36.25 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 90.18, stronger by 12 paise from its previous close of 90.30 on Monday. The currency touched a high and low of 90.24 and 90.08 respectively.
