Indian rupee strengthened against the US dollar on Friday tracking firm domestic equities after the Reserve Bank of India (RBI) maintained status quo for the third time in a row and kept benchmark lending rate unchanged at 4 percent as expected. Further, sustained foreign fund inflows also supported the rupee. Foreign Institutional Investors (FIIs) bought shares worth Rs 3,637.42 crore on a net basis on Thursday, exchange data showed. Moreover, weakness in the American currency overseas following the announcement of three viable vaccines kept rupee sentiment positive.
The partially convertible currency is currently trading at 73.74, stronger by 19 paise from its previous close of 73.93 on Thursday. The currency touched a high and low of 73.8150 and 73.7050 respectively. The reference rate for the dollar stood at 73.65, and for Euro stood 88.93 on December 02, 2020. While the reference rate for the Yen stood at 70.52, the reference rate for the Great Britain Pound (GBP) stood at 98.83.
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