Indian rupee strengthened against the US dollar on Tuesday, tracking strong domestic equities on the back of the progress made on the Covid-19 vaccine and the prospects for a speedy global economic revival. British drug maker AstraZeneca said an interim analysis of clinical trials of its Covid-19 vaccine showed 70 percent efficacy on average, becoming the third drug maker to announce promising results to contain the deadly virus. Moreover, weak American currency overseas and Foreign Fund Inflows into the domestic equity markets also supported the rupee. Foreign Institutional Investors bought shares worth Rs 4,738.44 crore on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 73.96, stronger by 15 paise from its previous close of 74.11 on Monday. The currency touched a high and low of 74.12 and 73.88 respectively. The reference rate for the dollar stood at 74.15, and for Euro stood 88.15 on November 20, 2020. While the reference rate for the Yen stood at 71.47, the reference rate for the Great Britain Pound (GBP) stood at 98.49.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: