Rupee Climbs 2 Paise to 90.72 Against the US Dollar

The Indian Rupee has Strengthened now. Exchange data show that foreign institutional investors became net buyers on Tuesday and bought equities worth Rs. 995.21 crore.

Due to a significant increase in inbound gold and silver shipments brought about by increased prices, imports reached a three month high of 71.24 billion USD in January, representing a 19.2% increase that is the highest so far this fiscal year, according to the data.

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Buoyed by favorable domestic equity markets and lower crude prices abroad, the rupee rose five paise to 90.69 (provisional) versus the US dollar on Tuesday. However, according to foreign exchange traders, the Indian currency was held back by a continuous outflow of foreign funds and a strong American dollar, according to the PTI.

The rupee traded in a small range in the interbank foreign exchange market, opening at 90.72 against the US dollar and reaching intraday highs and lows of 90.64 and 90.78, respectively, PTI further adds.