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Rupee strengthens against US dollar on sustained foreign fund inflows
Mar-03-2021

Indian rupee strengthened against the US dollar on Wednesday, supported by sustained foreign fund inflows in to the Indian equity market. Foreign institutional investors (FIIs) bought shares worth Rs 2,223.16 crore, while Domestic Institutional Investors (DIIs) sold shares worth of Rs 854.04 crore in the Indian equity market on Tuesday, exchange data showed. Further, improving risk appetite in the regional currencies and firm domestic equities on optimism over the global economic outlook too supported rupee sentiment. On the global front, the US dollar index was almost flat against its rivals as investors booked in profits from the dollar’s recent rise together with retreat in US Treasury yields.

The partially convertible currency is currently trading at 73.06, stronger by 31 paise from its previous close of 73.37 on Tuesday. The currency touched a high and low of 73.2650 and 73.0500 respectively. The reference rate for the dollar stood at 73.29, and for Euro stood 88.58 on March 01, 2021. While the reference rate for the Yen stood at 68.78, the reference rate for the Great Britain Pound (GBP) stood at 102.49.

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