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Rupee strengthens against US dollar on Friday

24 Jan 2020 Evaluate

Indian rupee strengthened marginally against the US dollar on Friday amid fresh foreign fund inflows and gains in domestic equities. Foreign institutional investors (FIIs) bought equities worth Rs 1,352.13 crore on Thursday, exchange data showed. However, rising crude oil prices weighed down the domestic unit and capped its gains to some extent. Growing concerns over spreading of the Chinese coronavirus too kept some investors edgy. At least 25 people have died from the virus in China while confirmed cases have skyrocketed to over 800 in the country. Cases have also been confirmed in Thailand, South Korea, Japan and Taiwan.

The partially convertible currency is currently trading at 71.25, stronger by 1 paise from its previous close of 71.26 on Thursday. The currency touched a high and low of 71.3400 and 71.2275 respectively. The reference rate for the dollar stood at 71.20 and for Euro stood at 78.91 on January 22, 2020. While the reference rate for the Yen stood at 64.71, the reference rate for the Great Britain Pound (GBP) stood at 93.01.

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