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Rupee strengthens on mild selling of American Currency by exporters

28 Feb 2019 Evaluate

Indian rupee strengthened against the US dollar on Thursday on mild selling of the American Currency by exporters and firm domestic equity market. Further, unabated foreign fund inflows too supported the recovery in the Indian rupee. Foreign institutional investors (FIIs) remained net buyers in capital markets, putting in Rs 423.04 crore on a net basis Wednesday, as per provisional data. The domestic currency had slipped against US dollar yesterday amid a flare up of tensions between India and Pakistan. On the global front, the dollar held above a three-week low as investors remained cautious amid uncertainty over the progress in US-China trade talks, while sterling rallied on bets that the chance of a no-deal Brexit was shrinking.

The partially convertible currency is currently trading at 71.15, stronger by 9 paise from its previous close of 71.24 on Wednesday. The currency touched a high and low of 71.2400 and 71.1125 respectively. The reference rate for the dollar stood at 71.16 and for Euro stood at 80.96 on February 27, 2019. While the reference rate for the Yen stood at 64.38, the reference rate for the Great Britain Pound (GBP) stood at 94.21.

Date1US$1GBP
February 27, 201971.166394.2152
February 26, 201971.095293.3594

(Reference Rate)

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