Indian rupee strengthened against the US dollar on Tuesday as bankers and exporters took to selling of American currency. Foreign institutional investors (FIIs) sold shares worth Rs 1,160.90 crore on Monday, exchange data showed. Meanwhile, investor sentiment remained fragile after a jump in the number of corona virus cases outside China stoked fears about a slowdown in global growth. The total number of casualties owing to corona virus stood at 2,663, with 71 new corona virus deaths was reported from China. As per reports from National Health Commission (NHC) on Tuesday, the number of confirmed cases has reached 77,658, a jump of 508 cases. However, rising crude oil prices and strengthening of the American currency against other currencies overseas weighed on the rupee and capped its upward momentum.
The partially convertible currency is currently trading at 71.88, stronger by 7 paise from its previous close of 71.95 on Monday. The currency touched a high and low of 71.9000 and 71.8000 respectively. The reference rate for the dollar stood at 71.58 and for Euro stood at 77.25 on February 20, 2020. While the reference rate for the Yen stood at 64.21, the reference rate for the Great Britain Pound (GBP) stood at 92.39.
