Indian rupee strengthened against the US dollar on Wednesday as the American currency weakened against other Asian currencies overseas. Moreover, Foreign Institutional Investors (FIIs) remained net buyers in the capital market, putting in Rs 373.23 crore on Tuesday, according to provisional exchange data. Though rising crude oil and weakness in domestic equity market weighed the rupee and restricted its gains. On the global front, the dollar was under pressure after a bounce in US yields stalled ahead of a global central bankers meeting, at which the Federal Reserve is expected to give clues on further rate cuts.
The partially convertible currency is currently trading at 71.55, stronger by 16 paise from its previous close of 71.71 on Tuesday. The currency touched a high and low of 71.6500 and 71.4800 respectively. The reference rate for the dollar stood at 71.34 and for Euro stood at 79.13 on August 19, 2019. While the reference rate for the Yen stood at 67.05, the reference rate for the Great Britain Pound (GBP) stood at 86.80.
