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Rupee strengthens against US dollar on Tuesday

28 Jan 2020 Evaluate

Indian rupee strengthened against the US dollar on Tuesday amidst easing crude oil prices as fast-spreading corona virus outbreak in China stoking fears about more trouble for the global economy. Rupee improved further following some selling in American currency by banks and exporters. Though, Foreign Institutional Investors (FIIs) sold shares worth Rs 438.85 crore on Monday, exchange data showed. On the global front, safe-haven Japanese yen traded near a three-week high versus the dollar as heightened anxiety about the economic impact of a deadly new corona virus in China battered riskier assets.

The partially convertible currency is currently trading at 71.32, stronger by 11 paise from its previous close of 71.43 on Monday. The currency touched a high and low of 71.4150 and 71.3225 respectively. The reference rate for the dollar stood at 71.24 and for Euro stood at 78.69 on January 24, 2020. While the reference rate for the Yen stood at 65.04, the reference rate for the Great Britain Pound (GBP) stood at 93.50.

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