Rupee Hits New High Against Dollar Amid Robust Domestic Growth

The Indian rupee gained strength against the US dollar on Tuesday morning, reaching a new high of 94.96 per USD. This gain is attributed to robust domestic growth, contained fiscal slippage, and portfolio-related inflows.

According to data from the interbank foreign exchange market, the rupee opened at 95.06 but quickly gained ground to touch 94.96 against the US dollar, marking a gain of 26 paise from its previous close.

The Sensex declined by 121.48 points to 76,835.79 in early trade, while the Nifty dipped 52.6 points to 24,027.80.

However, despite this decline, foreign institutional investors' (FPIs) net buying of equities worth USD 3.1 billion in August was a positive sign for the market.