Indian rupee strengthened against the US dollar on Monday, tracking weakness in the American currency at overseas markets. However, weak domestic equities and Asian currencies have capped gains in rupee. Data showing India’s Industrial production growth re-entered the negative territory by contracting by 1.6 percent in January, while CPI inflation soared to a three-month high of 5.03 percent in February on costlier food items. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 942.60 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 72.69, stronger by 10 paise from its previous close of 72.79 on Friday. The currency touched a high and low of 72.7575 and 72.68 respectively. The reference rate for the dollar stood at 72.68, and for Euro stood 86.88 on March 12, 2021. While the reference rate for the Yen stood at 66.77, the reference rate for the Great Britain Pound (GBP) stood at 101.47.
