Indian rupee strengthened against the US dollar on Monday, tracking sustained foreign fund inflows and as investors reacted to the approval of Pfizer's Covid-19 vaccine in the United States. Foreign institutional investors (FIIs) bought shares worth Rs 4,195.43 crore on a net basis on Friday, exchange data showed. On the global front, the US dollar weakened against its major peers ahead of a US Federal Reserve meeting ending Wednesday where policymakers are expected to increase purchases of longer-dated Treasuries to contain a rise in yields.
The partially convertible currency is currently trading at 73.55, stronger by 9 paise from its previous close of 73.64 on Friday. The currency touched a high and low of 73.6250 and 73.4875 respectively. The reference rate for the dollar stood at 73.59, and for Euro stood 89.46 on December 11, 2020. While the reference rate for the Yen stood at 70.73, the reference rate for the Great Britain Pound (GBP) stood at 98.00.
