Indian rupee strengthened against US dollar on Friday on some selling in American currency by banks and exporters. Rupee sentiment improved further on tracking positive cues from global markets on optimism about the outcome of trade talks between the United States and China. Moreover, weakening of the American currency against other currencies overseas also supported the domestic unit. However, sustained foreign fund outflows and rising crude prices weighed on the domestic currency and restricted its rise. Foreign Institutional Investors (FIIs) remained net sellers in the capital market, pulling out Rs 263.11 Crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 70.93, stronger by 14 paise from its previous close of 71.07 on Thursday. The currency touched a high and low of 70.94 and 70.80 respectively. The reference rate for the dollar stood at 71.11 and for Euro stood at 77.92 on October 9, 2019. While the reference rate for the Yen stood at 66.35, the reference rate for the Great Britain Pound (GBP) stood at 86.79.
