Rupee strengthens against US dollar on Tuesday
The Indian rupee strengthened against the US dollar on Tuesday, supported by firm domestic equities and tracking gains in Asian currency peers. Moreover, optimism over China's economy also supported rupee sentiments. Meanwhile investors are awaiting Federal Reserve and Bank of Japan interest rate decisions. However, some gains were limited as traders awaited more clarity on US tariff risks and their effect on global growth. Foreign institutional investors offloaded equities worth Rs 4,488.45 crore on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 86.74, stronger by 7 paise from its previous close of 86.81 on Monday. The currency touched a high and low of 86.7850 and 86.7150 respectively.
