Indian rupee strengthened against the US dollar on Tuesday tracking firm domestic equities as decline in the number of daily Covid-19 infections in the country. The Union Health Ministry data showed, the single day rise in new coronavirus infections in the country fell below 2 lakhs taking the total tally of Covid-19 cases to 2,69,48,874, while the death toll rose to 3,07,231. Moreover, weakness in American currency and foreign fund inflows also supported rupee sentiments. Foreign institutional investors bought shares worth Rs 585.36 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 72.86, stronger by 10 paise from its previous close of 72.96 on Monday. The currency touched a high and low of 72.8750 and 72.8300 respectively. The reference rate for the dollar stood at 73.24, and for Euro stood 88.88 on May 17, 2021. While the reference rate for the 100 Yen stood at 67.06, the reference rate for the Great Britain Pound (GBP) stood at 103.26.