Rupee strengthens against US dollar on Tuesday
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Indian rupee strengthened against the US dollar in early trade on Tuesday, tracking firm domestic equities and weak American currency at overseas market. Meanwhile, the Reserve Bank of India protected the rupee from a fall beyond 83.55. However, elevated crude oil prices and foreign fund outflows have restricted the up-move. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 653.97 crore, exchange data showed. Meanwhile, the S&P Global Ratings on Monday maintained its growth forecast for India at 6.8% for FY25 and said high interest rates and lower fiscal spur would temper demand.
The partially convertible currency is currently trading at 83.43, stronger by 4 paise from its previous close of 83.47 on Monday. The currency touched a high and low of 83.4875 and 83.4175 respectively.
