Indian rupee strengthened against the US dollar on Wednesday as the American currency weakened overseas following big spending talk from US Treasury Secretary nominee Janet Yellen. Further, firm domestic equities and sustained foreign fund inflows too supported domestic currency. Foreign Institutional Investors (FIIs) bought shares worth Rs 257.55 crore on a net basis on Tuesday, exchange data showed. Meanwhile, investors will be focusing on US President Joe Biden's inauguration ceremony.
The partially convertible currency is currently trading at 73.13, stronger by 4 paise from its previous close of 73.17 on Tuesday. The currency touched a high and low of 73.1350 and 73.0800 respectively. The reference rate for the dollar stood at 73.22, and for Euro stood 88.41 on January 18, 2021. While the reference rate for the Yen stood at 70.57, the reference rate for the Great Britain Pound (GBP) stood at 99.34.
