Rupee strengthens against US dollar on Monday
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Indian rupee strengthened against US dollar on Monday, supported by sustained foreign fund inflows into the Indian equity market. Foreign Institutional investors (FIIs) bought shares worth Rs 1,418.43 crore, while domestic institutional investors (DIIs) were also net buyers to the tune of Rs 559.62 crore in the Indian equity market, exchange data showed. Meanwhile, oil prices resumed their decline with worries about a drop in demand for fuel products. Though, stronger US dollar and weak domestic equities over pandemic worries limited some gains in rupee.
The partially convertible currency is currently trading at 72.38, stronger by 14 paise from its previous close of 72.52 on Friday. The currency touched a high and low of 72.4775 and 72.3800 respectively. The reference rate for the dollar stood at 72.51, and for Euro stood 86.45 on March 19, 2021. While the reference rate for the Yen stood at 66.64, the reference rate for the Great Britain Pound (GBP) stood at 100.94.
