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Rupee strengthens against US dollar despite surging corona virus cases

20 Jul 2020 Evaluate

Indian rupee strengthened against the US dollar on Monday, tracking firm domestic equities despite surging corona virus cases. Further, foreign fund inflows and lower crude oil prices also supported the rupee. Foreign institutional investors (FIIs) bought shares worth Rs 697.08 crore on Friday, exchange data showed. Health ministry data showed the death toll in India due the disease rose to 27,497 and the number of infections has crossed the 11 lakh mark, while the number of cases around the world has crossed 1.44 crore with death toll topped at 6.05 lakh. On the global front, the euro hovered near four-month highs against the dollar, with investors holding out expectations that European Commission policymakers would break a deadlock and hammer out an economic rescue deal in their marathon summit talks.

The partially convertible currency is currently trading at 74.99, stronger by 3 paise from its previous close of 75.02 on Friday. The currency touched a high and low of 75.0300 and 74.9200 respectively. The reference rate for the dollar stood at 75.10 and for Euro stood at 85.49 on July 17, 2020. While the reference rate for the Yen stood at 70.06, the reference rate for the Great Britain Pound (GBP) stood at 94.25.

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