Rupee strengthens against US dollar on Wednesday
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Indian rupee strengthened against the US dollar on Wednesday, tracking firm trend in domestic markets ahead of the US Federal Reserve’s monetary policy outcome. A sharp surge in corona-virus infections and fatalities in the country and rebound of the American currency have, however, capped the gains in rupee. India registered 360,960 new Covid-19 cases and 3,293 fatalities. The total number of cases of Covid-19 is 17,997,267 and total death toll is at 201,187, as per official data. Meanwhile, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,454.75 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 74.40, stronger by 26 paise from its previous close of 74.66 on Tuesday. The currency touched a high and low of 74.5050 and 74.3800 respectively. The reference rate for the dollar stood at 74.72, and for Euro stood 90.14 on April 20, 2021. While the reference rate for the Yen stood at 68.95, the reference rate for the Great Britain Pound (GBP) stood at 104.57.
