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Rupee strengthens against US dollar on Monday

14 Sep 2020 Evaluate

Indian rupee strengthened against the US dollar on Monday supported by firm domestic equities amid positive global cues after Biopharmaceutical giant AstraZeneca and the University of Oxford on Saturday resumed its phase-3 trials for their coronavirus vaccine in the UK after the Medicines Health Regulatory Authority’s approval. Further, fresh foreign fund inflows and weak American currency overseas too supported domestic currency. Foreign Institutional Investors (FIIs) bought shares worth Rs 1,175.81 crore on a net basis on Friday, according to exchange data. Though, concerns over ongoing tensions between India and China, capped its gains.

The partially convertible currency is currently trading at 73.34, stronger by 19 paise from its previous close of 73.53 on Friday. The currency touched a high and low of 73.4200 and 73.2600 respectively. The reference rate for the dollar stood at 73.47 and for Euro stood 86.96 on September 11, 2020. While the reference rate for the Yen stood at 69.19, the reference rate for the Great Britain Pound (GBP) stood at 94.17.

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