Rupee strengthens against US dollar on Tuesday
Indian rupee strengthened against the US dollar on Tuesday supported by a weaker American currency ahead of the US Federal Reserve's last meeting minutes and the US Consumer Price Index release for September later this week. Meanwhile, investors also awaiting key policy decision by the RBI's Monetary Policy Committee headed by RBI Governor Shaktikanta Das, which could determine the movement in the rupee over the next few days. Moreover, lower crude oil prices also supported rupee sentiments even as the increased risk of a region-wide Middle East war has made investors cautious. However, volatility in the domestic equities and foreign fund outflows have checked sharp gains in the local currency. Foreign Institutional Investors were net sellers in the capital markets on Monday, offloading shares worth Rs 8,293.41 crore on a net basis in the cash segment, exchange data showed.
The partially convertible currency is currently trading at 83.93, stronger by 7 paise from its previous close of 84.00 on Monday. The currency touched a high and low of 83.97 and 83.92 respectively.
