Indian rupee strengthened against the US dollar on Tuesday as optimism about US-China trade talks after US President Donald Trump said that ‘phase 1’ China trade pact is on track for November. US President Trump said he expects to sign the partial deal on the sidelines of the Asia-Pacific Economic Cooperation summit in Chile next month when he meets with Chinese President Xi Jinping. Further, sustained foreign fund inflows and easing crude oil prices, too enthused investors. Foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 36.56 crore on Friday, exchange data showed. However, cautious opening in domestic equities on back of sensitive domestic and global cues amid September quarter earnings season, weighed on the domestic currency and restricted its rise. Meanwhile, Forex market was closed on Monday on account of assembly elections in Maharashtra.
The partially convertible currency is currently trading at 70.95, stronger by 19 paise from its previous close of 71.14 on Friday. The currency touched a high and low of 70.9650 and 70.8775 respectively. The reference rate for the dollar stood at 71.19 and for Euro stood at 79.18 on October 18, 2019. While the reference rate for the Yen stood at 65.58, the reference rate for the Great Britain Pound (GBP) stood at 91.51.
