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Reliance Securities Report
The Indian rupee appreciated against the U.S. dollar on Tuesday tracking losses in the U.S. dollar Index and possible foreign portfolio investment flows into the domestic equity markets.
Rupee ended at 72.86 to the dollar compared with 73.61 on Monday. The unit rose to 72.75 earlier in the session, the highest since March 03, 2020.
U.S. dollar continued to extend losses this Tuesday as investors continued to exit the Greenback on the back of a dovish Fed.
Meanwhile, rupee also appreciated this Tuesday amid speculation that the central bank could be more unrestricted to rupee appreciation after the Reserve Bank of India said that the recent appreciation of the domestic currency is working toward containing imported inflationary pressures.
The benchmark S&P BSE Sensex and the broader Nifty 50 index rose 0.71% and 0.73%, respectively on Tuesday.
The U.S. dollar index dollar rebounded from the lows of the session supported by better-than expected U.S. manufacturing activity data which stirred hope for a post-pandemic economic recovery.
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