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Rupee strengthens on fresh selling of American currency by exporters

26 Mar 2019 Evaluate

Indian rupee strengthened against the US dollar on Tuesday on fresh selling of the American currency by exporters. The weakening of the US dollar against some currencies overseas and a higher opening in domestic equity market too supported the domestic currency. Meanwhile, Foreign Portfolio Investors (FPIs) bought equities worth net Rs 150.40 crore on March 25, provisional data showed. Yesterday, the domestic unit ended almost flat as participants preferred to wait on the sidelines to see the outcome of RBI's first-ever rupee-dollar swap auction. The rupee-dollar swap auction announced by the RBI earlier in March will infuse Rs 35,000 crore into the system. The auction of $5 billion for the tenure of three years will be conducted today. On the global front, the dollar rebounded modestly against the yen as Treasury yields pulled back from 15-month lows as investors reassessed the risks of a sharper downturn in the global economy.

The partially convertible currency is currently trading at 68.93, stronger by 3 paise from its previous close of 68.96 on Monday. The currency touched a high and low of 68.9850 and 68.7675 respectively. The reference rate for the dollar stood at 68.99 and for Euro stood at 77.97 on March 25, 2019. While the reference rate for the Yen stood at 62.76, the reference rate for the Great Britain Pound (GBP) stood at 90.87.

Date1US$1GBP
March 25, 201968.990390.8731
March 22, 201968.660790.2778

(Reference Rate)

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