Rupee closes stronger against dollar at 63.15
Mumbai: The Indian rupee on Tuesday strengthened from its previous close, tracking gains in the local equities. Since January, the rupee has fallen 0.16%, while foreign institutional investors have bought $8.30 billion from local equity and $6.71 billion from bond markets The traders are also cautious ahead of the US Federal Reserve two-day policy meeting. Analysts expected no change in policy stance from the two-day Federal Open Market Committee meeting starting later Wednesday, as recent domestic data have been weaker than forecast and a strong dollar has crimped export activities, Reuters reported. The rupee closed at 63.15, up 0.55% from its previous close. This is the domestic currency’s sharpest gain since 9 January. The local unit opened at 63.36 from its previous close of 63.49 and touched a high and a low of 63.11 and 63.46, respectively. Since January, the rupee has fallen 0.16%, while foreign institutional investors have bought $8.30 billion from local equity and ...