Rupee strengthens against US dollar on Tuesday

23 May 2023 Evaluate

Indian rupee strengthened against the US dollar on Tuesday tracking foreign fund inflows into the capital market. Foreign Institutional Investors (FII) purchased Indian shares worth Rs 922.89 crore, while the Domestic Institutional Investors (DII) bought Indian shares worth Rs 604.57 crore, exchange data showed. Although, investors are cautiously focusing on the progress in US debt ceiling talks and comments by US Federal Reserve officials. St. Louis Fed President James Bullard said the US Federal Reserve might still need to raise the benchmark interest rate by another half-point this year.

The partially convertible currency is currently trading at 82.81, stronger by 3 paise from its previous close of 82.84 on Monday. The currency touched a high and low of 82.8450 and 82.7850 respectively.

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