Indian rupee strengthened against the US dollar on Friday following dollar selling by banks and exporters. Rupee improved further by tracking firm domestic equities after the Prime Minister Narendra Modi announced an economic taskforce that would draw up measures to combat the economic effects of the corona virus pandemic. According to the Health Ministry, the novel corona virus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country. Though, Foreign Institutional Investors (FIIs) sold shares worth Rs 4,622.93 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 75.02, stronger by 10 paise from its previous close of 75.12 on Thursday. The currency touched a high and low of 75.04 and 74.72 respectively. The reference rate for the dollar stood at 74.17 and for Euro stood at 81.72 on March 18, 2020. While the reference rate for the Yen stood at 69.39, the reference rate for the Great Britain Pound (GBP) stood at 89.75.
