Indian rupee strengthened against the US dollar on Friday due to weakening of the American currency against other currencies overseas. Rupee improved further on gains in domestic equity market and tracking firm global cues followed by comments of White House economic adviser Larry Kudlow who said the United States and China are getting close to a trade agreement. However, sustained foreign fund outflows and rising crude oil prices weighed on local currency and restricted its gains. Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 562.05 crore on Thursday, exchange data showed. On the global front, the US dollar was little changed in Asia as traders evaluated the latest trade news. China’s Ministry of Commerce spokesperson Gao Feng insisted again at a weekly press conference that the US should roll back tariffs as part of a ‘phase one’ agreement. Meanwhile, White House economic adviser Larry Kudlow said Washington is getting close to a trade deal with Beijing.
The partially convertible currency is currently trading at 71.77, stronger by 19 paise from its previous close of 71.96 on Thursday. The currency touched a high and low of 71.87 and 71.72 respectively. The reference rate for the dollar stood at 71.70 and for Euro stood at 78.97 on November 13, 2019. While the reference rate for the Yen stood at 65.74, the reference rate for the Great Britain Pound (GBP) stood at 92.17.
