Indian rupee strengthened against the US dollar on Wednesday amid weak American currency overseas following ongoing talks on a new corona virus relief bill after a deadline was missed last Friday to extend enhanced unemployment payments during the pandemic. Rupee sentiment improved further by firm domestic equities and sustained foreign fund inflows in the market. Foreign Institutional Investors (FIIs) bought shares worth Rs 703.74 crore on Tuesday, exchange data showed. Meanwhile, market participants are focusing on the RBI policy statement that will be released on Thursday with hopes that the central bank could hold rates unchanged.
The partially convertible currency is currently trading at 74.91, stronger by 13 paise from its previous close of 75.04 on Tuesday. The currency touched a high and low of 74.9350 and 74.8300 respectively. The reference rate for the dollar stood at 74.97 and for Euro stood at 88.12 on August 03, 2020. While the reference rate for the Yen stood at 70.78, the reference rate for the Great Britain Pound (GBP) stood at 97.97.
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