Rupee strengthens marginally against US dollar on Tuesday
Indian rupee strengthened marginally against the US dollar in early trade on Tuesday, tracking firm domestic equities after US President Donald Trump agreed to pause tariffs on Mexico and Canada for 30 days, but Trump’s 10% tariffs against China are still set to take effect on Tuesday. Meanwhile, data showed India's manufacturing sector activity witnessed significant growth in January, aided by a rise in new orders and the steepest upturn in exports in nearly 14 years. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) surged to 57.7 in January, up from 56.4 in December. However, Foreign Institutional Investors offloaded equities worth Rs 3,958.37 crore in the capital markets on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 87.10, stronger by 1 paise from its previous close of 87.11 on Monday. The currency touched a high and low of 87.13 and 86.98 respectively.
