Indian rupee strengthened against the US dollar on Monday, despite heavy selling in domestic equities tracking concerns over the impact of corona virus on global economy. Market participants will be keeping an eye on Industrial production and retail inflation data that will be out on Wednesday, while WPI inflation numbers will be released on Friday. Meanwhile, weakening of the American currency in the overseas market and easing crude oil prices supported the rupee. Foreign institutional investors (FIIs) bought shares worth Rs 161.93 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 71.34, stronger by 6 paise from its previous close of 71.40 on Friday. The currency touched a high and low of 71.3800 and 71.3225 respectively. The reference rate for the dollar stood at 71.24 and for Euro stood at 78.22 on February 7, 2020. While the reference rate for the Yen stood at 64.79, the reference rate for the Great Britain Pound (GBP) stood at 92.22.
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