Indian rupee strengthened against the US dollar on Tuesday amid some selling in the American currency by banks and exporters. Rupee improved further with gains in domestic equity market, despite concerns over the impact of corona virus outbreak after two fresh cases of novel corona virus were detected in India. The Union Health Ministry said the government has stepped up its efforts to detect and prevent the spread of the corona virus. Meanwhile, Foreign Institutional Investors (FIIs) sold equity shares worth Rs 1,354.72 crore on Monday, exchange data showed. On the global front, the US dollar continued to lose strength against its peers as investors bet on the US Federal Reserve easing policy in a bid to counter the negative impact from the spread of the new corona virus.
The partially convertible currency is currently trading at 72.71, stronger by 5 paise from its previous close of 72.76 on Monday. The currency touched a high and low of 72.7500 and 72.4350 respectively. The reference rate for the dollar stood at 72.18 and for Euro stood at 79.44 on February 28, 2020. While the reference rate for the Yen stood at 66.30, the reference rate for the Great Britain Pound (GBP) stood at 93.01.
