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Rupee strengthens against US dollar on foreign fund inflows

28 Dec 2018 Evaluate

Indian rupee strengthened against the US currency on Friday aided by foreign fund inflows amid a weak dollar globally and sharp fall in crude oil prices. Foreign portfolio investors (FPIs) bought shares worth Rs 1,731.91 crore Thursday on a net basis. Besides, the US dollar’s weakness against major global currencies and higher opening of domestic stock markets too supported the local currency. On the global front, the yen and the Swiss franc rose on Friday, as investors sought shelter in safe-haven assets due to renewed US-China trade tensions and weaker-than-expected data in those two economies that revived global growth fears.

The partially convertible currency is currently trading at 69.98, stronger by 37 paise from its previous close of 70.35 on Thursday. The currency touched a high and low of 70.1250 and 69.9600 respectively. The reference rate for the dollar stood at 70.32 and for Euro stood at 80.02 on December 27, 2018. While the reference rate for the Yen stood at 63.25, the reference rate for the Great Britain Pound (GBP) stood at 88.98.

Date1US$1GBP
December 27, 2018 70.327088.9829
December 26, 201869.990688.9581

(Reference Rate)

 

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