Rupee strengthens on selling in American currency by banks & exporters

Indian rupee strengthened against US dollar on Tuesday as bankers and exporters sold off American currency. Foreign Institutional Investors (FIIs) sold shares worth Rs 1,160.90 crore on Monday, exchange data showed.

Meanwhile, investor sentiment remained fragile after a jump in the number of Coronavirus cases outside China stoked fears of a slowdown in the global growth. The total number of casualties owing to Coronavirus stood at 2,663 with 71 new Coronavirus deaths reported from China.

As per the reports from National Health Commission (NHC) on Tuesday, the number of confirmed cases has now reached 77,658, a jump of 508 cases. However, the rising crude oil prices and strengthening of American currency against other currencies overseas weighed on the Rupee and capped its upward momentum.

The partially convertible currency is currently trading at 71.88, stronger by 7 paise from its previous close of 71.95 on Monday. The currency touched a high and low of 71.9000 and 71.8000, respectively.