Indian rupee strengthened against the US dollar on Tuesday, tracking weak American currency overseas after Moderna Inc reported 94.5% efficacy in its Covid-19 vaccine candidate. Though, surging corona virus cases in the United States is likely to continue weighing down the Indian currency. Stocks, forex markets were closed on Monday on account of Diwali Balipratipada. Meanwhile, exchange data showed that Foreign Institutional Investors (FIIs) sold shares worth Rs 78.53 crore, while Domestic Institutional Investors (DIIs) were also net sellers to the tune of Rs 20.27 crore in the Indian equity market on Friday.
The partially convertible currency is currently trading at 74.49, stronger by 13 paise from its previous close of 74.62 on Friday. The currency touched a high and low of 74.50 and 74.38 respectively. The reference rate for the dollar stood at 74.67, and for Euro stood 88.15 on November 13, 2020. While the reference rate for the Yen stood at 71.16, the reference rate for the Great Britain Pound (GBP) stood at 98.00.
