Indian rupee strengthens against the US dollar on Friday, tracking firm domestic equity market amidst progress on Covid-19 vaccines. Britain began vaccinations this week and the United States could start vaccinations as soon as this weekend. Moreover, sustained foreign fund inflows and weakness in American currency overseas too kept the sentiment positive. Foreign Institutional Investors (FIIs) bought shares worth Rs 2,259.98 crore on a net basis on Thursday, exchange data showed. Meanwhile, market participants remained cautious ahead of the important industrial production growth number for October that will be released later in the day.
The partially convertible currency is currently trading at 73.58, stronger by 8 paise from its previous close of 73.66 on Thursday. The currency touched a high and low of 73.6925 and 73.5600 respectively. The reference rate for the dollar stood at 73.58, and for Euro stood 89.36 on December 09, 2020. While the reference rate for the Yen stood at 70.65, the reference rate for the Great Britain Pound (GBP) stood at 98.54.
