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Rupee strengthens against US dollar tracking firm domestic equities

20 Apr 2021 Evaluate

Indian Rupee strengthened against the US dollar on Tuesday, tracking firm domestic equities following government's decision to open up Covid-19 vaccination to all above 18 years from May 1. Weakness of the American currency against its key rivals too added support to rupee sentiment. However, some gains were capped by the surge in corona-virus infections with stricter lockdowns, which could hamper the recovery of the Indian economy. Meanwhile, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,633.70 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2,355.56 crore in the Indian equity market on Monday, exchange data showed.

The partially convertible currency is currently trading at 74.76, stronger by 11 paise from its previous close of 74.87 on Monday. The currency touched a high and low of 74.8700 and 74.6425 respectively.

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