Indian rupee strengthened against the US dollar on Thursday on account of firm domestic equities and as more countries announcing gradual lifting of lockdowns that have been imposed to contain corona virus infection. Further, fresh foreign fund inflows and a weak American currency overseas too supported the domestic currency. Foreign institutional investors (FIIs) bought equity shares worth Rs 722.08 crore on Wednesday, exchange data showed. On the global front, US dollar fell against its major crosses after reports showed US gross domestic product (GDP) dropped 4.8 percent in the first quarter, its biggest decline since the 2008 Great Recession as the corona virus pandemic slammed the economy.
The partially convertible currency is currently trading at 74.98, stronger by 68 paise from its previous close of 75.66 on Wednesday. The currency touched a high and low of 75.1700 and 74.9400 respectively. The reference rate for the dollar stood at 76.37 and for Euro stood at 82.59 on April 28, 2020. While the reference rate for the Yen stood at 71.23, the reference rate for the Great Britain Pound (GBP) stood at 94.77.
