Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equities as the country remains in the third phase of a nationwide lockdown with few exceptions to curb the spread of the corona virus pandemic. Further, weakness in the American currency overseas and significant foreign fund inflows supported the domestic currency. Foreign Institutional Investors (FIIs) bought equity shares worth Rs 19,056.49 crore on Thursday, exchange data showed. The forex market was closed on Thursday on account of ‘Buddha Purnima’. However, investor sentiment remained fragile amid concerns over the impact of corona virus pandemic on the domestic as well as global economy.
The partially convertible currency is currently trading at 75.38, stronger by 34 paise from its previous close of 75.72 on Wednesday. The currency touched a high and low of 75.3850 and 75.27 respectively. The reference rate for the dollar stood at 75.69 and for Euro stood at 81.97 on May 6, 2020. While the reference rate for the Yen stood at 71.16, the reference rate for the Great Britain Pound (GBP) stood at 94.09.
