Indian rupee strengthened against the US dollar on Monday due to selling in American currency by banks and exporters amid sustained foreign fund inflows. Foreign institutional investors (FIIs) bought equities worth Rs 533.37 crore on Friday, exchange data showed. Further, firm domestic equity market and easing crude prices too added support on local currency. On the global front, major currencies started the week in a quiet mood as investors waited to hear the first official speech from the new head of the European Central Bank later in the session. Investors are also hanging on the Sino-US trade talks after the world's top two economies said they had made progress toward a Phase-1 deal while US officials said the deal could be signed this month. Meanwhile, strong US jobs data also revived investors’ sentiment globally.
The partially convertible currency is currently trading at 70.69, stronger by 12 paise from its previous close of 70.81 on Friday. The currency touched a high and low of 70.7000 and 70.5500 respectively. The reference rate for the dollar stood at 70.87 and for Euro stood at 79.11 on November 01, 2019. While the reference rate for the Yen stood at 65.65, the reference rate for the Great Britain Pound (GBP) stood at 91.84.
