Rupee strengthens against US dollar on firm domestic equities

07 May 2021 Evaluate

Indian rupee strengthened against US dollar on Friday tracking firm domestic equities following optimism on recovery. Further, foreign fund inflows along with weakness in US dollar Index ahead of a key US jobs report also supporting the domestic currency. Foreign Institutional Investors (FIIs) bought shares worth Rs 1,222.58 crore, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 632.51 crore on Thursday, exchange data showed. Although, surging Covid-19 cases in the Country capped further gains in rupee. Union Health Ministry data showed that with a record 4,14,188 new coronavirus infections being reported in a day, India's total number of Covid-19 cases climbed to 2,14,91,598, while the active cases crossed the 36-lakh mark.

The partially convertible currency is currently trading at 73.66, stronger by 12 paise from its previous close of 73.78 on Thursday. The currency touched a high and low of 73.6900 and 73.6000 respectively. The reference rate for the dollar stood at 74.05, and for Euro stood 89.82 on April 29, 2021. While the reference rate for the 100 Yen stood at 68.13, the reference rate for the Great Britain Pound (GBP) stood at 103.34.

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