Indian rupee recovered marginally against US dollar on Monday after a weak start and is modestly higher. Earlier, the rupee was opened weaker as dollar gains against its major crosses following the better than expected employment numbers and strengthened prospects that the Fed would refrain from cutting rates in the meeting scheduled this week. Data showed US economy added 266,000 jobs in November compared to 156,000 jobs added in the previous month. Unemployment rate also fell to 3.5 percent compared to 3.6 percent in the previous month. Traders were also awaiting fresh cues on the potential US-China trade deal. Meanwhile, Foreign Institutional Investors (FIIs) sold shares worth Rs 867.66 Crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 71.10, stronger by 10 paise from its previous close of 71.20 on Friday. The currency touched a high and low of 71.2700 and 71.0800 respectively. The reference rate for the dollar stood at 71.31 and for Euro stood at 79.19 on December 06, 2019. While the reference rate for the Yen stood at 65.61, the reference rate for the Great Britain Pound (GBP) stood at 93.87.
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