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Rupee strengthens on selling in American currency by banks, exporters

26 Nov 2019 Evaluate

Indian rupee strengthened against the US dollar on Tuesday, due to selling in American currency by banks and exporters amid foreign fund inflows. Foreign investors bought equities worth Rs 960.90 crore on Monday, exchange data showed. Further, gains in domestic equity market and easing crude oil prices too influenced the rupee sentiment. On the global front, the US dollar gained against the yen as optimism on a trade deal between the United States and China dented the allure of the safe-haven unit, while the British pound was supported by hopes of an end to a hung parliament.

The partially convertible currency is currently trading at 71.60, stronger by 14 paise from its previous close of 71.74 on Monday. The currency touched a high and low of 71.6850 and 71.5700 respectively. The reference rate for the dollar stood at 71.85 and for Euro stood at 79.52 on November 22, 2019. While the reference rate for the Yen stood at 66.14, the reference rate for the Great Britain Pound (GBP) stood at 92.82.

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