Indian rupee strengthened against the US dollar on Monday due to weakening American currency at overseas market. Meanwhile, global investors are focused on more stimulus measures from top central banks to support their respective economies reeling under the corona virus pandemic. Though, some positive sentiments were capped by fears of capital outflows after Franklin Templeton Mutual Fund suddenly closed its six debt fund schemes. Foreign Institutional Investors (FIIs) sold equity shares worth Rs 207.29 crore on Friday, exchange data showed. The number of cases around the world linked to COVID-19 has crossed over 29.91 lakh. In India, over 27,800 cases have been reported so far. On the global front, the yen held its ground after the Bank of Japan removed limits on its government bond purchases and increased corporate debt buying to help companies hit by the corona virus crisis.
The partially convertible currency is currently trading at 76.13, stronger by 33 paise from its previous close of 76.46 on Friday. The currency touched a high and low of 76.1625 and 76.0500 respectively. The reference rate for the dollar stood at 76.41 and for Euro stood at 82.21 on April 24, 2020. While the reference rate for the Yen stood at 71.00, the reference rate for the Great Britain Pound (GBP) stood at 94.22.
