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Rupee strengthens against US dollar on Wednesday
Jan-13-2021

Indian rupee strengthened against the US dollar on Wednesday, tracking weakness in the American currency at overseas market. Besides, sustained foreign fund inflows into the domestic equity markets have also supported the rupee. Foreign Institutional Investors (FIIs) bought shares worth of Rs 571.47 crore, while Domestic Institutional Investors (DIIs) sold shares worth Rs 1,334.50 crore in the Indian equity market on Tuesday, exchange data showed. Moreover, rollout of Covid-19 vaccines and the prospect of more fiscal support in the United States also kept the investor sentiments positive. While, investors are eyeing on developments from Washington, with the US House set to push ahead with efforts to remove President Donald Trump from office over his role in sparking last week’s deadly attack on the Capitol.

The partially convertible currency is currently trading at 73.14, stronger by 11 paise from its previous close of 73.25 on Tuesday. The currency touched a high and low of 73.16 and 73.1075 respectively. The reference rate for the dollar stood at 73.45, and for Euro stood 89.49 on January 11, 2021. While the reference rate for the Yen stood at 70.52, the reference rate for the Great Britain Pound (GBP) stood at 99.18.

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