Indian rupee strengthened against the US dollar on Wednesday, following heavy buying in domestic equities amidst sustained foreign fund inflows. Foreign Institutional Investors (FIIs) bought shares worth Rs 2,484.09 crore on a net basis on Tuesday, exchange data showed. Further, weakness in the American currency overseas following Covid-19 vaccine roll-outs in major economies and hopes of passage of a massive US stimulus aid this week, too supported the rupee. While, investors are keeping an eye on the outcome of a two-day Federal Reserve policy meeting on Wednesday.
The partially convertible currency is currently trading at 73.52, stronger by 11 paise from its previous close of 73.63 on Tuesday. The currency touched a high and low of 73.5350 and 73.4850 respectively. The reference rate for the dollar stood at 73.54, and for Euro stood 89.30 on December 14, 2020. While the reference rate for the Yen stood at 70.70, the reference rate for the Great Britain Pound (GBP) stood at 98.00.
