Indian rupee strengthened against the US dollar on Tuesday due to selling in the American currency by banks and exporters. Further, firm domestic equities backed by positive global key indices as investors worldwide banked upon hopes of slowing corona virus deaths too supported rupee sentiment. Though, sustained foreign fund outflows weighed on the local unit and capped its gains. The forex market was closed on Monday on account of Mahavir Jayanti. Foreign institutional investors (FIIs) sold equity shares worth Rs 1,960.97 crore on Friday, exchange data showed. On the global front, the US dollar declined against the yen as US stock futures erased gains and traded lower in a sign some investors remain concerned about the economic shock posed by the corona virus pandemic. Worldwide there are 1.3 million cases and more than 74,500 deaths from corona virus pandemic - rising even as swathes of the globe are under lockdown.
The partially convertible currency is currently trading at 75.85, stronger by 28 paise from its previous close of 76.13 on Friday. The currency touched a high and low of 75.9200 and 75.8325 respectively. The reference rate for the dollar stood at 75.82 and for Euro stood at 82.21 on April 03, 2020. While the reference rate for the Yen stood at 70.27, the reference rate for the Great Britain Pound (GBP) stood at 93.88.
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