Indian rupee strengthened against the US dollar on Tuesday tracking firm domestic equities with sustained foreign fund inflows. Foreign Institutional investors (FIIs) bought shares worth Rs 1,876.60 crore on Monday, exchange data showed. Further, weakness in American currency and hopes of a massive US stimulus package also boosted the domestic currency. However, oil prices edged higher boosted by supply cuts by major producers and optimism over fuel demand recovery.
The partially convertible currency is currently trading at 72.87, stronger by 10 paise from its previous close of 72.97 on Monday. The currency touched a high and low of 72.8900 and 72.8550 respectively. The reference rate for the dollar stood at 72.89, and for Euro stood 87.19 on February 05, 2021. While the reference rate for the Yen stood at 69.07, the reference rate for the Great Britain Pound (GBP) stood at 99.72.
