Rupee Strengthens Against Dollar Amid Robust Domestic Growth

The Indian rupee has strengthened against the US dollar during early trade on Tuesday. The currency gained 26 paise to trade at 94.96 per US dollar, driven by robust domestic growth and contained fiscal slippage.

Forex traders believe that the USD/INR pair has found a strong near-term base around 95.10-95.20, according to Amit Pabari, MD of CR Forex Advisors.

The rupee's gain comes despite foreign institutional investors offloading equities worth Rs 7,985.88 crore on a net basis on Monday, according to exchange data.