Rupee strengthens on the weakening of American currency overseas

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The Indian rupee strengthened against the US dollar on Tuesday amid a weakening of the American currency at overseas markets. Besides, selling of the American currency by exporters, fresh foreign fund inflows and easing crude oil prices also supported the domestic currency. Foreign Institutional Investors (FIIs) remained net buyers in capital markets, putting in Rs 3,068.88 crore on Monday, according to provisional exchange data. The rupee improved further on the expectation of a rate cut in key policy rates by the Reserve Bank of India. On the global front, the dollar struggled to shake off a harsh overnight session, slipping to a five-month low against the yen on Tuesday, hurt by a sharp slide in US Treasury yields thanks to rising bets for a near-term rate cut by the Federal Reserve.

The partially convertible currency is currently trading at 69.19, stronger by 7 paise from its previous close of 69.26 on Monday. The currency touched a high and low of 69.2175 and 69.0000 respectively. The reference rate for the dollar stood at 69.80 and for Euro stood at 77.72 on May 31, 2019. While the reference rate for the Yen stood at 64.08, the reference rate for the Great Britain Pound (GBP) stood at 88.00.

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