Rupee strengthens against US dollar on Tuesday
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Indian rupee traded higher against the US dollar on Tuesday amid a fresh inflow of foreign capital and positive sentiment in the domestic equity markets. Traders took support as India's foreign exchange reserves jumped $4.307 billion to touch a new lifetime high of $655.817 billion during the week that ended June 7, data from the Reserve Bank of India (RBI) showed. The reserves have been rising on and off for a long time now. So far in 2024, they have risen over $30 billion, on a cumulative basis.
The partially convertible currency is currently trading at 83.50, stronger by 5 paise from its previous close of 83.55 on Monday. The currency touched a high and low of 83.52 and 83.47 respectively.
