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Rupee strengthens marginally against US dollar on Wednesday
Dec-02-2020

Indian rupee strengthened marginally against the US dollar on Wednesday amid sustained foreign fund inflows, with data showed Foreign Institutional Investors (FIIs) bought shares worth Rs 3,242.00 crore on a net basis on Tuesday. Rupee improved further on weakness in the American currency overseas as risk appetite returned to global markets on prospects of further fiscal stimulus from the United States as well as expectations of a solid global recovery, with investors are betting that a Covid-19 vaccine will be available soon. Pfizer and BioNTech have reportedly applied to the European Medicines Agency for conditional marketing authorization of their corona virus vaccine.

The partially convertible currency is currently trading at 73.64, stronger by 4 paise from its previous close of 73.68 on Tuesday. The currency touched a high and low of 73.7200 and 73.4250 respectively. The reference rate for the dollar stood at 73.79, and for Euro stood 88.02 on November 27, 2020. While the reference rate for the Yen stood at 70.97, the reference rate for the Great Britain Pound (GBP) stood at 98.70.

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