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Rupee strengthens on selling in US dollar by banks, exporters

29 Jan 2020 Evaluate

Indian rupee strengthened against the US dollar on Wednesday due to some selling in the American currency by banks and exporters. Rupee improved further on gains in domestic equity market following global markets that rose on the back of strong earnings from giants like Apple Inc. However, fast-spreading coronavirus outbreak in China stoking fears about more trouble for the global economy weighed on the rupee and capped the gains. Meanwhile, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,357.56 crore on Tuesday, exchange data showed. On the global front, riskier currencies steadied and demand for safe-havens ebbed as investors waited for more news on the likely economic damage from a virus outbreak spreading from China.

The partially convertible currency is currently trading at 71.22, stronger by 9 paise from its previous close of 71.31 on Tuesday. The currency touched a high and low of 71.2500 and 71.1850 respectively. The reference rate for the dollar stood at 71.39 and for Euro stood at 78.72 on January 27, 2020. While the reference rate for the Yen stood at 65.46, the reference rate for the Great Britain Pound (GBP) stood at 93.24.

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