Rupee strengthens on weakening of American currency overseas

Indian rupee strengthened against the US dollar on Tuesday amid the weakening of American currency against other currencies overseas.

Further, the softening crude oil prices coupled with sustained foreign fund inflows too strengthened investor sentiments.

Foreign Institutional Investors (FIIs) purchased shares worth Rs. 459.22 crores on Monday. Market participants will be keeping an eye on inflation and industrial production numbers.

On the global front, traders remained anxious about the fast approaching December 15 deadline for a new round of the US tariff on Chinese imports while eying the US Federal Reserve and the European Central Bank monetary policy review meetings later this week. Traders also focused on general elections in the UK, scheduled for December 12.

The reference rate for the dollar stood at 71.31 and for Euro stood at 79.19 on December 06, 2019. While the reference rate for the Yen stood at 65.61, the reference rate for the Great Britain Pound (GBP) stood at 93.87.