Indian rupee strengthened marginally against the US dollar on Wednesday, tracking firm domestic equities amid sustained foreign fund inflows. Further, positive cues from global markets following news of Covid-19 vaccines and ongoing efforts to launch more fiscal stimulus too supported the rupee. Foreign Institutional Investors (FIIs) bought shares worth Rs 2,909.60 crore on Tuesday, exchange data showed. Moreover, weakening of the American currency in the overseas market also kept the sentiment positive. However, RBI's presence in the market and concerns over surging corona virus cases worldwide capped some gains.
The partially convertible currency is currently trading at 73.59, little changed from its previous close of 73.60 on Tuesday. The currency touched a high and low of 73.6150 and 73.4900 respectively. The reference rate for the dollar stood at 73.76, and for Euro stood 89.46 on December 07, 2020. While the reference rate for the Yen stood at 70.84, the reference rate for the Great Britain Pound (GBP) stood at 98.93.
