Indian rupee strengthened against US dollar on Tuesday on account of increased selling of American currency by bankers and exporters following series of positive Covid-19 vaccine announcements. Further, positive domestic equities after official macroeconomic data showed the country's GDP contracted a better than expected 7.5% in the July-September period too supported the rupee. Moreover, robust inflows by foreign institutional investors kept rupee sentiment positive. Foreign Institutional Investors bought shares worth Rs 7,712.98 crore on a net basis on Friday, exchange data showed. Forex market was closed on Monday on account of Guru Nanak Jayanti.
The partially convertible currency is currently trading at 73.46, stronger by 59 paise from its previous close of 74.05 on Friday. The currency touched a high and low of 73.9375 and 73.4400 respectively. The reference rate for the dollar stood at 73.79, and for Euro stood 88.02 on November 27, 2020. While the reference rate for the Yen stood at 70.97, the reference rate for the Great Britain Pound (GBP) stood at 98.70.
