Indian rupee strengthened against the US dollar on Thursday due to weakness in American currency overseas, despite rising corona virus cases and fading US stimulus hopes. US Treasury Secretary Steven Mnuchin said that it will be difficult to pass a bipartisan deal on an economic relief bill before the November 3 presidential election, suggesting that Democrats are unwilling to give President Trump a victory. Foreign Institutional Investors (FIIs) bought shares worth Rs 821.86 crore, while Domestic Institutional Investors (DIIs), were net sellers to the tune of Rs 1,276.14 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 73.26, stronger by 5 paise from its previous close of 73.31 on Wednesday. The currency touched a high and low of 73.3200 and 73.2200 respectively. The reference rate for the dollar stood at 73.37 and for Euro stood 86.54 on October 13, 2020. While the reference rate for the Yen stood at 69.65, the reference rate for the Great Britain Pound (GBP) stood at 95.76.
