Rupee strengthens marginally against US dollar on Tuesday
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Indian rupee strengthened marginally against the US dollar on Tuesday with hopes that the Reserve Bank of India would intervene to prevent the Rupee from dropping further. Rupee improved further as substantial foreign direct investment inflows are anticipated. The Adani Group is eyeing a $600 million raise via offshore loans, while Belstar Microfinance plans to raise $150 million through an Initial Public Offering. Renewed hopes for US interest rate cut this year also supporting rupee. However, strength of the American currency overseas, rising crude oil prices and foreign fund outflows have restricted the rupee’s gain. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 2,168.75 crore, exchange data showed.
The partially convertible currency is currently trading at 83.49, stronger by 3 paise from its previous close of 83.52 on Monday. The currency touched a high and low of 83.5025 and 83.4750 respectively.
