Indian rupee strengthened against the US dollar on Wednesday on account of selling in the American currency by banks and exporters amid sustained foreign fund inflows. Foreign institutional investors (FIIs) bought shares worth Rs 4,677.75 crore on Tuesday, exchange data showed. Further, firm domestic equities and easing crude oil prices too strengthened investor sentiments. Meanwhile, market participants are expected to remain cautious ahead of the important GDP and fiscal numbers that will be released later this week. On the global front, investors were optimistic about the Sino-US trade talks. US President Donald Trump on Tuesday said that US and China are close to an agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.
The partially convertible currency is currently trading at 71.41, stronger by 9 paise from its previous close of 71.50 on Tuesday. The currency touched a high and low of 71.4875 and 71.3900 respectively. The reference rate for the dollar stood at 71.64 and for Euro stood at 78.99 on November 25, 2019. While the reference rate for the Yen stood at 65.81, the reference rate for the Great Britain Pound (GBP) stood at 92.05.
