Indian rupee strengthened against the US dollar on Wednesday after reports showing India's daily cases continued to fall with total of 2,67,334 Covid-19 cases in the last 24 hours. Rupee sentiments improved further by weakness in US dollar index ahead of the minutes from the US Federal Reserve's most recent meeting due later in the day for more cues on the US central bank's monetary policy, along with expectation that the US interest rates will remain low. Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth Rs 618.49 crore on Tuesday, exchange data showed. Although, volatile trade in the domestic equity market capped rupee’s gains.
The partially convertible currency is currently trading at 72.95, stronger by 10 paise from its previous close of 73.05 on Tuesday. The currency touched a high and low of 73.0200 and 72.9300 respectively. The reference rate for the dollar stood at 73.45, and for Euro stood 89.15 on May 11, 2021. While the reference rate for the 100 Yen stood at 67.44, the reference rate for the Great Britain Pound (GBP) stood at 103.67.
