Rupee strengthens against US Dollar by 14 paise

Indian rupee gained against US dollar on Thursday, followed by firm domestic equities tracking global peers that gained on the back of former US Vice President Biden's big win, central banks' rate cut and World Bank's $12 billion aid package.

However, an increasing number of Coronavirus cases in the country kept market participants on edge. The total number of Coronavirus cases in India rose sharply to 29 on Wednesday, including 16 Italian tourists, who had tested positive for the disease as well as an employee of a digital payment’s company, who had travelled to Italy.

On the global front, the dollar gained after private payrolls number released from US came in better than estimates. Data showed that private payrolls rose by 1,83,000 in February as compared to estimates of 1,70,000 jobs.

The partially convertible currency is currently trading at 73.25, stronger by 14 paise from its previous close of 73.39 on Wednesday. The currency touched a high and low of 73.5600 and 73.2375, respectively.