Indian rupee strengthened against the US dollar on Tuesday, supported by firm domestic equities. Meanwhile, investors are closely monitoring Finance Minister Nirmala Sitharaman’s speech in Union Budget 2022-23 in Parliament. Although, foreign fund outflows and elevated crude oil prices restricted the gain in the local unit. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,624.48 crore on Monday, exchange data showed. On the global front, US dollar held steady after hitting a 1-1/2-year high last week, as Federal Reserve policymakers allayed investor fears of a very rapid tightening of monetary policy.
The partially convertible currency is currently trading at 74.55, stronger by 10 paise from its previous close of 74.65 on Monday. The currency touched a high and low of 74.6300 and 74.4150 respectively.
