Indian rupee strengthened against the US dollar on Tuesday with domestic indices are trading at fresh record highs and as the American currency declined ahead of a much-anticipated US Federal Reserve meeting that could signal a change in the outlook for US monetary policy. However, Foreign Institutional Investors (FIIs) offloaded shares worth Rs 503.51 crore, exchange data showed. On the domestic macro-economic front, India’s retail inflation raced to 6.3% in May, breaching the upper limit of the central bank’s inflation target for the first time in six months, while Wholesale price-based inflation too accelerated to a record 12.94% in May.
The partially convertible currency is currently trading at 73.22, stronger by 7 paise from its previous close of 73.29 on Monday. The currency touched a high and low of 73.2575 and 73.1650 respectively. The reference rate for the dollar stood at 72.80, and for Euro stood 88.50 on June 7, 2021. While the reference rate for the 100 Yen stood at 66.49, the reference rate for the Great Britain Pound (GBP) stood at 102.79.
