Indian rupee strengthened against the US dollar on Thursday ahead of the Reserve Bank of India's (RBI) monetary policy decision scheduled for later in the day. Besides, firm domestic equities and weakness in American currency also supported the rupee. Though, foreign fund outflows and surging corona virus cases globally added pressure on domestic currency and capped its gains. Foreign Institutional Investors (FIIs) sold shares worth Rs 60.18 crore on Wednesday. On the global front, the dollar extended losses after US private payrolls growth slowed sharply in July, pointing to a loss of momentum in economic recovery as new corona virus infections spread across the United States.
The partially convertible currency is currently trading at 74.90, stronger by 4 paise from its previous close of 74.94 on Wednesday. The currency touched a high and low of 74.9225 and 74.7750 respectively. The reference rate for the dollar stood at 75.08 and for Euro stood at 88.36 on August 04, 2020. While the reference rate for the Yen stood at 70.77, the reference rate for the Great Britain Pound (GBP) stood at 98.12.
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