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Rupee strengthens against US dollar amid foreign fund inflows

17 Oct 2019 Evaluate

Indian rupee strengthened against US dollar on Thursday amid foreign fund inflows and softening crude oil prices supported the local unit. Foreign institutional investors (FIIs) bought shares worth Rs 686.33 crore on Wednesday, exchange data showed. Meanwhile, market participants remained cautious ahead of the RBI meeting minutes that will be released on Friday. On the global front, the dollar drifted lower after lackluster US retail data and gathering doubts about a US-China trade deal, while the volatile pound was on edge as Britain and the European Union scrambled to secure a last-minute Brexit deal.

The partially convertible currency is currently trading at 71.42, stronger by 1 paise from its previous close of 71.43 on Wednesday. The currency touched a high and low of 71.4700 and 71.3600 respectively. The reference rate for the dollar stood at 71.31 and for Euro stood at 78.74 on October 15, 2019. While the reference rate for the Yen stood at 65.82, the reference rate for the Great Britain Pound (GBP) stood at 90.41.

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