Indian rupee strengthened against the US dollar on Monday supported by firm domestic equities on the back of positive global cues and weak American currency. However, foreign fund outflows along with worries over the intense second wave of Covid-19 infection capped the upside in the rupee. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,142.75 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 1,468.09 crore in the Indian equity market on Friday, exchange data showed. Health ministry data showed India witnessed a single-day rise of 3,66,161 Covid-19 cases on Monday, which pushed its tally in the country to 2,26,62,575, while the death toll increased by 3,754 to 2,46,116. On the global front, the US dollar languished near a more than two-month low against its rivals as investors continued to assess the implications for monetary policy of a disappointing US job report, ahead of inflation data this week.
The partially convertible currency is currently trading at 73.45, stronger by 6 paise from its previous close of 73.51 on Friday. The currency touched a high and low of 73.4800 and 73.3300 respectively. The reference rate for the dollar stood at 74.02, and for Euro stood 89.69 on April 30, 2021. While the reference rate for the 100 Yen stood at 68.02, the reference rate for the Great Britain Pound (GBP) stood at 103.15.