Rupee strengthens marginally against US dollar on Tuesday
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ndian rupee strengthened marginally against the US dollar on Tuesday tracking firm domestic equities and weakness in American currency against major rivals overseas. Rupee sentiments improved further with expectations that the US Federal Reserve to cut interest rates at its December policy meeting. However, sustained foreign fund outflows and rising crude oil prices have capped the rupee’s gain further. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 1,403.40 crore, exchange data showed.
The partially convertible currency is currently trading at 84.40, stronger by 2 paise from its previous close of 84.42 on Monday. The currency touched a high and low of 84.41 and 84.39 respectively.
