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Rupee ends considerably stronger against US dollar

04 Jul 2019 Evaluate

Indian rupee ended considerably stronger against dollar on Thursday on increased selling of the American currency by exporters and banks and easing crude oil prices. Sentiments remained positive after the Economic Survey, tabled in Parliament by finance minister Nirmala Sitharaman projected GDP (gross domestic product) growth at 7 percent in the 2019-20 fiscal year from an estimated 6.8 percent in the previous year. Investment rate has been seen picking up in FY20 on higher credit growth and improved demand. The domestic unit also found support from dollar weakened overseas. On the global front, euro was stuck near two-week lows on Thursday and the dollar drifted away from recent highs as sliding government bond yields pressured both currencies.

Finally, the rupee ended at 68.50, 39 paise stronger from its previous close of 68.89 on Wednesday. The currency touched a high and low of 68.89 and 68.49 respectively. The reference rate for the dollar stood at 68.87 and for Euro stood at 77.72 on July 03, 2019. While the reference rate for the Yen stood at 64.00, the reference rate for the Great Britain Pound (GBP) stood at 86.60.


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