Indian rupee strengthened against the US dollar on Thursday on account of firm trend at domestic as well as global markets amid expectation of Joe Biden’s victory in the US Presidential elections. Further, foreign fund inflows and weak American currency also supported the domestic currency. Foreign Institutional Investors (FIIs) bought shares worth Rs 146.22 crore on Wednesday, according to provisional exchange data. Though, concerns over surging corona virus cases in many part of the globe limited further gains on the rupee. Union Health Ministry data showed that India's Covid-19 tally climbed to 83.64 lakh with 50,210 new cases in a day, while the death toll reached at 1,24,315.
The partially convertible currency is currently trading at 74.28, stronger by 48 paise from its previous close of 74.76 on Wednesday. The currency touched a high and low of 74.3650 and 74.2625 respectively. The reference rate for the dollar stood at 74.32 and for Euro stood 86.65 on November 03, 2020. While the reference rate for the Yen stood at 70.98, the reference rate for the Great Britain Pound (GBP) stood at 96.09.
