Indian rupee strengthened against the US dollar on Tuesday, supported by firm domestic equities amid a slowdown in daily covid case additions in Maharashtra. Data from the Union Health Ministry showed India's total tally of Covid-19 cases has climbed to 17,636,307, while the national Covid-19 recovery rate has further dropped to 82.54%. Meanwhile, Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,111.89 crore on Monday, exchange data showed. On the global front, the US dollar traded near multi-week lows against its major peers, tracking subdued Treasury yields ahead of the US Federal Reserve's policy decision on Wednesday.
The partially convertible currency is currently trading at 74.53, stronger by 20 paise from its previous close of 74.73 on Monday. The currency touched a high and low of 74.6600 and 74.5100 respectively. The reference rate for the dollar stood at 74.88, and for Euro stood 89.61 on April 19, 2021. While the reference rate for the Yen stood at 69.01, the reference rate for the Great Britain Pound (GBP) stood at 103.76.