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Rupee strengthens against US dollar on Tuesday

29 Mar 2022 Evaluate

Indian rupee strengthened against US dollar on Tuesday following slumped crude oil prices as China’s financial hub Shanghai again tightened the first phase of a two-stage lockdown to contain surging local Covid-19 cases. Further, weakness in American currency and positive trend in domestic equities also supporting rupee sentiments. However, concerns over fresh foreign capital outflows capped gains in rupee. Foreign Institutional Investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 801.41 crore on Monday, exchange data showed.

The partially convertible currency is currently trading at 75.99, stronger by 17 paise from its previous close of 76.16 on Monday. The currency touched a high and low of 76.0100 and 75.9050 respectively.

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