Indian rupee strengthened against the US dollar on Monday tracking weak American currency overseas due to worries about the lagging US economic recovery. Further, firm domestic equities and sustained foreign fund inflows also supported the rupee. Though, lingering Sino-US tensions and rising corona virus cases weighing on investor sentiment and capped rupee’s gains. Foreign Institutional Investors (FIIs) bought shares worth Rs 46.39 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 74.84, stronger by 6 paise from its previous close of 74.90 on Friday. The currency touched a high and low of 74.8550 and 74.7625 respectively. The reference rate for the dollar stood at 74.77 and for Euro stood at 88.39 on August 14, 2020. While the reference rate for the Yen stood at 69.99, the reference rate for the Great Britain Pound (GBP) stood at 97.73.
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