Indian rupee strengthened against the US dollar on Monday following firm trend in the domestic equities. Further, foreign fund inflows and lower crude prices also supported the domestic currency. Foreign Institutional Investors (FIIs) bought shares worth Rs 1,499.37 crore in the capital market on Friday, exchange data showed. Though, uptick in American currency overseas capped further gains in rupee. Meanwhile, the RBI has decided to leave the key repo rate unchanged at 4 percent but maintained an accommodative stance as long as necessary to mitigate the impact of the Covid-19 pandemic. The Union Health Ministry's data on Monday showing that India reported 1,00,636 fresh Covid-19 cases, the lowest in 61 days, taking the infection tally to 2,89,09,975, while the number of active cases dropped to 14,01,609.
The partially convertible currency is currently trading at 72.78, stronger by 21 paise from its previous close of 72.99 on Friday. The currency touched a high and low of 72.8700 and 72.7400 respectively. The reference rate for the dollar stood at 72.47, and for Euro stood 88.23 on May 28, 2021. While the reference rate for the 100 Yen stood at 65.96, the reference rate for the Great Britain Pound (GBP) stood at 102.77.