Indian rupee strengthened against the US dollar on Tuesday, supported by firm domestic equities. 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 6,387.45 crore on Monday, exchange data showed. On the global front, the US dollar held firm, supported by surging US bond yields and expectation of the Federal Reserve aggressively increasing interest rates.
The partially convertible currency is currently trading at 76.27, stronger by 2 paise from its previous close of 76.29 on Monday. The currency touched a high and low of 76.4050 and 76.2450 respectively.
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