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Rupee strengthens against US dollar on Tuesday

25 Jul 2023 Evaluate
Indian rupee strengthened against the US dollar on Tuesday tracking the weakness of the American currency in the overseas market, while investors are eagerly awaiting cues from the US Federal Reserve's monetary policy meetings this week. Moreover, sharp jump in India's forex reserves also boosted rupee sentiments. Reserve Bank of India said India’s forex reserves rose by $12.743 billion to $609.022 billion in the week ended July 14. However, a surge in crude oil prices and foreign fund outflows limited further gains in rupee. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 82.96 crore, exchange data showed.

The partially convertible currency is currently trading at 81.76, stronger by 5 paise from its previous close of 81.81 on Monday. The currency touched a high and low of 81.7725 and 81.67 respectively.

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