Rupee strengthens against US dollar on Tuesday
The Indian rupee strengthened against the US dollar on Tuesday, as market participants are keenly awaiting cues from the trade talks between India and the United States. The Trump administration's Chief Negotiator Brendan Lynch will hold a closed door talks on the India - US bilateral trade deal with the Chief Indian Negotiator Rajesh Agrawal today. Further, firm domestic equities and softer dollar amid increased expectations of a rate cut by the Federal Reserve in the upcoming policy meeting, have supported rupee sentiments. Although, some gains were capped by foreign fund outflows and higher crude oil prices in wake of concerns over possible supply disruptions. Foreign Institutional Investors offloaded equities worth Rs 1,268.59 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 88.04, stronger by 12 paise from its previous close of 88.16 on Monday. The currency touched a high and low of 88.16 and 88.03 respectively.
