Rupee strengthens against US dollar on strong gains in Wall Street overnight
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Indian rupee strengthened against the US dollar on Tuesday tracking strong gains for Wall Street shares overnight. Further, firm domestic equities amid sustained foreign fund inflows and improving risk appetite too supported rupee sentiments. Foreign Institutional Investors (FIIs) bought shares worth Rs 125.15 crore, while Domestic Institutional Investors (DIIs) sold shares worth of Rs 194.88 crore in the Indian equity market on Monday, exchange data showed. On the global front, the US dollar firmed against its rivals on bets of a swift recovery in the United States and expectations that the US Federal Reserve would show greater tolerance of higher bond yields than other central banks.
The partially convertible currency is currently trading at 73.33, stronger by 22 paise from its previous close of 73.55 on Monday. The currency touched a high and low of 73.4250 and 73.3150 respectively. The reference rate for the dollar stood at 73.04, and for Euro stood 88.79 on February 26, 2021. While the reference rate for the Yen stood at 68.78, the reference rate for the Great Britain Pound (GBP) stood at 101.89.
