Indian rupee strengthened against the US dollar on Wednesday, driven by record-low 10-year US yields and easing Brent crude oil prices following worries the corona virus could seriously disrupt an already sluggish global economy. The death toll in China’s novel corona virus epidemic on Wednesday climbed to 2,715 with 52 new fatalities while the confirmed cases rose to 78,064. Meanwhile, Foreign Institutional Investors (FIIs) sold shares worth Rs 2,315.07 crore on Tuesday, exchange data showed. On the global front, the US dollar nursed losses as rising hopes of a interest rate cut and warnings from US health officials about the spread of the corona virus called into question the perceived strength of US financial assets.
The partially convertible currency is currently trading at 71.75, stronger by 10 paise from its previous close of 71.85on Tuesday. The currency touched a high and low of 71.7900 and 71.7425 respectively. The reference rate for the dollar stood at 71.85 and for Euro stood at 77.73 on February 24, 2020. While the reference rate for the Yen stood at 64.40, the reference rate for the Great Britain Pound (GBP) stood at 92.94.
