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Indian Rupee Strengthens to 83.38 Against US Dollar on Tuesday

The Indian rupee showed strength in early trade on Tuesday, rising two paise against the US dollar to 83.38.

In the early trade on Tuesday, the Indian rupee showed resilience, appreciating by two paise against the US dollar to reach 83.38 (equivalent to 23.16 against the UAE dirham). 

The positive momentum is attributed to a weakened American currency and increased foreign investments in the domestic equity markets.

Factors Driving Rupee’s Strength:

Forex traders note that positive sentiments influence the favorable conditions for the Indian rupee in the domestic equity markets. 

Additionally, the decreased crude oil prices contribute to the currency’s strength. The interplay of these factors reflects a robust start for the rupee in the foreign exchange market

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Inflow of Foreign Funds:

One of the key drivers behind the rupee’s appreciation is the influx of foreign funds into Indian equities, highlighting international investor confidence in the country’s economic prospects.

The rupee commenced trading at 83.37 against the US dollar at the interbank foreign exchange. 

Subsequently, it touched 83.38, marking a 2-paise gain from its previous close. This early surge indicates a positive trend in the currency’s performance.

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