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Rupee strengthens against US dollar amid sustained foreign inflows

12 Jan 2021 Evaluate

Indian rupee strengthened marginally against the US dollar on Tuesday amid sustained foreign inflows. Foreign Institutional Investors (FIIs) bought shares worth Rs 3,138.90 crore, while DIIs sold shares worth Rs 2,610.13 crore in the Indian equity market on Monday, exchange data showed. US President-elect Joe Biden, who takes office on January 20 with his Democratic party in control of both Houses, has promised trillions of fiscal spending and to speed up vaccinations, too supported the rupee. However, strength in the American currency overseas capped gains.

The partially convertible currency is currently trading at 73.37, stronger by 3 paise from its previous close of 73.40 on Monday. The currency touched a high and low of 73.4475 and 73.3400 respectively. The reference rate for the dollar stood at 73.33, and for Euro stood 89.94 on January 08, 2021. While the reference rate for the Yen stood at 70.60, the reference rate for the Great Britain Pound (GBP) stood at 99.52.

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