Indian rupee strengthened against the US dollar on Tuesday on the back of increased selling of the American currency by exporters and banks. Rupee improved further on hopes of a partial trade deal between the US and China. However, foreign fund outflows and rising crude prices capped gains on the domestic currency. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 138.53 crore on Monday, exchange data showed. On the global front, the US dollar rose against the yen on growing optimism the United States and China are on the verge of reaching a preliminary agreement to scale back their long-drawn trade war.
The partially convertible currency is currently trading at 70.72, stronger by 5 paise from its previous close of 70.77 on Monday. The currency touched a high and low of 70.8100 and 70.7050 respectively. The reference rate for the dollar stood at 70.87 and for Euro stood at 79.11 on November 01, 2019. While the reference rate for the Yen stood at 65.65, the reference rate for the Great Britain Pound (GBP) stood at 91.84.
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