Rupee strengthens marginally against US dollar in early trade on Tuesday
The Indian rupee strengthened marginally against the US dollar in early trade on Tuesday, supported by a pullback in crude oil prices followed easing supply concerns as Saudi Arabia increased exports through the Strait of Hormuz and markets anticipated a partial restoration of the damaged East-West pipeline. Moreover, continued RBI intervention, weakness in the American currency and lower US Treasury yields also supporting the rupee sentiments. However, foreign fund outflows and expectations of further Federal Reserve monetary tightening have capped additional gains for the rupee. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 576.20 crore on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 95.77, stronger by 1 paise from its previous close of 95.78 on Monday. The currency touched a high and low of 95.79 and 95.6525 respectively.
