Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equities with expectation of Democrat Joe Biden’s victory in the US presidential election. Further, sustained foreign fund inflows too supported domestic currency. Exchange data showed Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 5,368.31 crore on Thursday. Though, concerns over surging corona virus cases in many part of the globe limited further gains on the rupee. On the global front, the US dollar steadied against many Currencies, but more losses are likely as a contentious presidential election diminished hopes for large stimulus to support the economy any time soon.
The partially convertible currency is currently trading at 74.02, stronger by 34 paise from its previous close of 74.36 on Thursday. The currency touched a high and low of 74.0525 and 73.8750 respectively. The reference rate for the dollar stood at 74.69 and for Euro stood 87.05 on November 04, 2020. While the reference rate for the Yen stood at 71.18, the reference rate for the Great Britain Pound (GBP) stood at 97.04.
