Indian rupee strengthened against the US dollar on Monday following persistent foreign fund inflows. Foreign institutional investors (FIIs) bought shares worth Rs 2,969.59 Crore on a net basis on Friday, exchange data showed. Rupee improved further by tracking weakness in American currency after Friday’s US jobs data showed non-farm payrolls increased by 245,000 jobs last month after rising by 610,000 in October. Moreover, firm domestic equities supported by optimism over Covid-19 vaccine in global markets also kept the sentiment positive for the domestic currency.
The partially convertible currency is currently trading at 73.73, stronger by 7 paise from its previous close of 73.80 on Friday. The currency touched a high and low of 73.7900 and 73.7025 respectively. The reference rate for the dollar stood at 73.74, and for Euro stood 89.64 on December 04, 2020. While the reference rate for the Yen stood at 70.99, the reference rate for the Great Britain Pound (GBP) stood at 99.25.
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