Indian rupee strengthened against the US dollar on Tuesday, tracking firm domestic equities as trading resumed after Id-Ul-Fitr holiday. Moreover, domestic investors were also enthused by firm cues from global markets on hope of restrictions being eased globally. Meanwhile, market participants keenly await the March quarter GDP print due later this week for further cues. However, sustained foreign fund outflows and concerns over rising corona virus cases weighed on the domestic unit and restricted its gains. Foreign Institutional Investors (FIIs) sold equity shares worth Rs 1,353.90 crore on Friday, exchange data showed. Data showed the death toll In India due to corona virus rose to 4,167 and the number of cases climbed to over 1.45 lakh, while the number of cases around the world has crossed over 54.95 lakh with death toll topped at 3.46 lakh.
The partially convertible currency is currently trading at 75.65, stronger by 30 paise from its previous close of 75.95 on Friday. The currency touched a high and low of 75.7400 and 75.6500 respectively. The reference rate for the dollar stood at 75.78 and for Euro stood at 82.81 on May 22, 2020. While the reference rate for the Yen stood at 70.55, the reference rate for the Great Britain Pound (GBP) stood at 92.49.
