Indian rupee strengthened against the US dollar on Tuesday tracking firm domestic equities, while rupee trading is expected to remain range-bound this week ahead of the year-end holidays. However, growing concerns over the global surge in Omicron variant cases and its impact on economic recovery, sustained fund outflows from capital market and firm crude oil prices have dampened sentiments and capped further gains in rupee. Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 1,038.25 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 74.84, stronger by 16 paise from its previous close of 75.00 on Monday. The currency touched a high and low of 74.9550 and 74.8150 respectively.
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