Rupee strengthens against US dollar on Thursday

Indian rupee strengthened against the US dollar on Thursday on account of the selling in American currency by banks and exporters. Further, sustained foreign fund inflows and easing crude oil prices also supported the domestic currency.

Foreign institutional investors (FIIs) purchased shares worth Rs 1,836.81 crore on Wednesday, as per the provisional data.

On the global front, the US dollar took the impeachment of US President Donald Trump on Thursday in stride while the British pound continued to remain under pressure even after inflation in the UK remained unchanged in November compared to the previous month.

The currency touched a high and low of 71.0250 and 70.9150, respectively. The reference rate stood at 70.96 for the dollar, at 79.10 for Euro, at 64.78 for Yen, and at 94.22 for the Great Britain Pound (GBP) on December 17,2019.