Indian rupee strengthened against the US dollar on Friday, tracking weakness in the American currency overseas amid reports that US Senate Republican and Democrat leaders have agreed to resume negotiations on another corona virus stimulus package. Further, firm domestic equities and sustained foreign fund inflows also supported Indian currency. Exchange data showed Foreign Institutional Investors (FIIs) bought shares worth Rs 1,180.61 crore on a net basis on Thursday, taking the month's buying to Rs 42,390.24 crore.
The partially convertible currency is currently trading at 74.20, stronger by 7 paise from its previous close of 74.27 on Thursday. The currency touched a high and low of 74.2100 and 74.1000 respectively. The reference rate for the dollar stood at 74.36, and for Euro stood 88.28 on November 18, 2020. While the reference rate for the Yen stood at 71.49, the reference rate for the Great Britain Pound (GBP) stood at 98.60.
