Indian rupee strengthened against US dollar on Wednesday due to optimism over a potential Covid-19 vaccine. Besides, a weak dollar overseas also supported the local unit. Foreign institutional investors (FIIs) bought shares worth Rs 4,905.35 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 3,829.16 crore in the Indian equity market on November 17, exchange data showed. Though, concerns over the resurgence of corona virus cases in the United States and Europe limited some positive momentum in the market.
The partially convertible currency is currently trading at 74.36, stronger by 10 paise from its previous close of 74.46 on Tuesday. The currency touched a high and low of 74.5250 and 74.2825 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.
