Indian rupee strengthened against the US dollar on Friday as the Reserve Bank of India (RBI) decided to keep benchmark interest rate unchanged at 4% but maintained an accommodative stance. Further, firm domestic equities, weakness in American currency and sustained foreign fund inflows too supported domestic currency. Foreign Institutional Investors (FIIs) bought shares worth Rs 978.37 crore on Thursday, exchange data showed. On the global front, the US dollar weakened with expectations that the US Congress will pass the latest stimulus measures.
The partially convertible currency is currently trading at 73.14, stronger by 10 paise from its previous close of 73.24 on Thursday. The currency touched a high and low of 73.2100 and 73.0200 respectively. The reference rate for the dollar stood at 73.36 and for Euro stood 86.16 on October 07, 2020. While the reference rate for the Yen stood at 69.38, the reference rate for the Great Britain Pound (GBP) stood at 94.62.
