Rupee strengthens against US dollar on Monday

15 Feb 2021 Evaluate

Indian rupee strengthened against the US dollar on Monday on the back of positive domestic equities and softening crude oil prices, while improved macro-economic data also fueled investor sentiment. Data showed the country’s industrial production recorded a positive growth of 1% in December while retail inflation based on consumer price index eased to 16-month low of 4.06% in January. Moreover, sustained foreign fund inflows into the domestic markets and subdued American currency also continued to support rupee sentiments. Foreign institutional investors (FIIs) offloaded shares worth Rs 37.33 crore on Friday, exchange data showed.

The partially convertible currency is currently trading at 72.60, stronger by 15 paise from its previous close of 72.75 on Friday. The currency touched a high and low of 72.6400 and 72.5750 respectively. The reference rate for the dollar stood at 72.79, and for Euro stood 88.28 on February 12, 2021. While the reference rate for the Yen stood at 69.44, the reference rate for the Great Britain Pound (GBP) stood at 100.44.

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