Indian rupee strengthened against the US dollar on Friday, despite muted domestic equities with fears over growing US inflation. However, most Asian currencies are weakened against the American dollar putting downward pressure on the domestic unit. Investors will be eyeing for cues from April trade data and wholesale price inflation data. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,260.59 crore, while Domestic Institutional Investors (DIIs) were also net sellers to the tune of Rs 704.36 crore in the Indian equity market on Wednesday, exchange data showed. The forex market was closed on Thursday on account of Ramzan Eid.
The partially convertible currency is currently trading at 73.37, stronger by 5 paise from its previous close of 73.42 on Wednesday. The currency touched a high and low of 73.4150 and 73.3400 respectively. The reference rate for the dollar stood at 73.94, and for Euro stood 88.78 on May 6, 2021. While the reference rate for the 100 Yen stood at 67.63, the reference rate for the Great Britain Pound (GBP) stood at 102.79.