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Rupee strengthens against US dollar on Tuesday

11 Jul 2023 Evaluate

Indian rupee strengthened against the US dollar on Tuesday, tracking softness in the American currency and sustained foreign fund inflows into the capital market. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs 588.48 crore, exchange data showed. Meanwhile, US Federal Reserve officials also signalled the central bank was nearing the end of its tightening cycle. But investors are cautious ahead of India’s inflation and IIP data and US inflation and PPI data this week. 

The partially convertible currency is currently trading at 82.35, stronger by 24 paise from its previous close of 82.59 on Monday. The currency touched a high and low of 82.4350 and 82.3275 respectively.

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