Indian rupee strengthened against the US dollar on Thursday on account of some selling in American currency by banks and exporters. Rupee improved further amid recovery in global equities and a drop in crude oil prices. Most investors are feeling renewed US-China trade optimism on reports that China is still open to a partial trade deal with the United States. Though, Foreign Institutional Investors (FIIs) remained net sellers in the capital markets, pulling out Rs 485.24 crore on Wednesday, exchange data showed. On the global front, the US dollar ticked down slightly as investors scrutinized the September policy meeting minutes released by the US Federal Reserve.
The partially convertible currency is currently trading at 71.01, stronger by 6 paise from its previous close of 71.07 on Wednesday. The currency touched a high and low of 71.0450 and 70.8700 respectively. The reference rate for the dollar stood at 70.97 and for Euro stood at 77.92 on October 7, 2019. While the reference rate for the Yen stood at 66.41, the reference rate for the Great Britain Pound (GBP) stood at 87.41.
