Indian rupee strengthened against the US dollar on Thursday as new coronavirus cases in the country dropped by about half from a peak. Moreover, Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 241.60 crore, exchange data showed. However, volatility in domestic equities as futures contract expire today capped further gains in rupee. Meanwhile, traders await crucial US inflation data this week.
The partially convertible currency is currently trading at 72.64, stronger by 13 paise from its previous close of 72.77 on Tuesday. The currency touched a high and low of 72.7650 and 72.6300 respectively. The reference rate for the dollar stood at 72.96, and for Euro stood 89.31 on May 19, 2021. While the reference rate for the 100 Yen stood at 66.95, the reference rate for the Great Britain Pound (GBP) stood at 103.50.
