Rupee strengthens against US dollar on Tuesday
The Indian rupee strengthened against the US dollar on Tuesday on the back of weaker American currency and decline in crude oil prices globally. Moreover, fresh foreign fund inflows also boosted the rupee sentiments. Foreign institutional investors bought equities worth Rs 321.16 crore on a net basis on Monday, exchange data showed. However, some gains were limited by US tariff concerns with the announcement of new 25% tariffs on imports from key trade partners, including Japan and South Korea. The US president Trump also said that any country aligning with the ‘anti-America’ policies of the Brics group of developing nations will face an additional 10% tariff.
The partially convertible currency is currently trading at 85.66, stronger by 28 paise from its previous close of 85.94 on Monday. The currency touched a high and low of 85.8050 and 85.66 respectively.
