Rupee strengthens marginally against US dollar on Tuesday
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Indian rupee strengthened marginally and recovered from its all-time low against the US dollar on Tuesday, tracking firm domestic equities and fresh foreign fund inflows into the Indian capital market. Foreign Institutional Investors were net buyers in the capital markets on Monday, as they purchased shares worth Rs 724.27 crore, exchange data showed. Meanwhile, the appointment of the new Reserve Bank of India (RBI) Governor Sanjay Malhotra increased expectations of interest rate cuts next year.
The partially convertible currency is currently trading at 84.85, stronger by 1 paise from its previous close of 84.86 on Monday. The currency touched a high and low of 84.8550 and 84.78 respectively.
