Rupee strengthens against US dollar on Tuesday
Indian rupee strengthened against the US dollar on Tuesday, even as the US Federal Reserve officials said that it needs more time to assess the progress on inflation. Moreover, softening crude oil prices also supporting rupee sentiments. However, subdued sentiment in domestic equity market, foreign fund outflows and stronger American currency limited further gains in rupee. Foreign Institutional Investors were net sellers in the capital markets during a special trading session on Saturday, as they offloaded shares worth Rs 92.95 crore, exchange data showed. The forex markets were shut on Monday.
The partially convertible currency is currently trading at 83.33, stronger by 4 paise from its previous close of 83.37 on Friday. The currency touched a high and low of 83.3350 and 83.2925 respectively.
