Indian rupee strengthened against US dollar on Tuesday as expectations of foreign inflows into a slew of Indian initial public offerings (IPOs) and easing crude oil prices supported the domestic currency, while concerns over the effects of the US Central bank Fed’s bond tapering subsided. Moreover, US dollar on the continuous decline also gave the Rupee a boost. However, Foreign Institutional Investors (FIIs) were net sellers as they offloaded shares worth Rs 860.65 crore in the capital market on Monday, exchange data showed.
The partially convertible currency is currently trading at 73.87, stronger by 16 paise from its previous close of 74.03 on Monday. The currency touched a high and low of 73.9525 and 73.8500 respectively.
