Indian rupee strengthened against the US dollar on Thursday amid firm domestic equity markets. Rupee sentiments improved further by tracking gains in global markets after US Federal Reserve pledge to keep monetary policy rates flat and projected a rapid jump in US economic growth this year. Foreign Institutional investors (FIIs) bought shares worth Rs 2,625.82 crore, while Domestic Institutional Investors (DIIs) sold shares worth of Rs 562.15 crore in the Indian equity market on 17 March, exchange data showed. A strong US dollar against its major peers overseas, however, restricted the rupee gains.
The partially convertible currency is currently trading at 72.50, stronger by 5 paise from its previous close of 72.55 on Wednesday. The currency touched a high and low of 72.5100 and 72.4300 respectively. The reference rate for the dollar stood at 72.48, and for Euro stood 86.48 on March 16, 2021. While the reference rate for the Yen stood at 66.40, the reference rate for the Great Britain Pound (GBP) stood at 100.52.