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Rupee strengthens on selling in American currency by banks, exporters

31 Jan 2020 Evaluate

Indian rupee strengthened against US dollar on Friday due to selling in the American currency by banks and exporters. Though, strengthening of the American currency against other currencies overseas weighed on the domestic currency and capped its gains. Meanwhile, market participants are closely monitoring the economic implications of the corona virus outbreak and awaiting cues from the Union Budget. The World Health Organization declared a global emergency over the new corona virus, as China reported on Friday the death toll had climbed to 213 with nearly 10,000 infections. Foreign institutional investors (FIIs) sold shares worth Rs 962.28 crore on Thursday, exchange data showed.

The partially convertible currency is currently trading at 71.47, stronger by 11 paise from its previous close of 71.58 on Thursday. The currency touched a high and low of 71.4900 and 71.4150 respectively. The reference rate for the dollar stood at 71.18 and for Euro stood at 78.42 on January 29, 2020. While the reference rate for the Yen stood at 65.24, the reference rate for the Great Britain Pound (GBP) stood at 92.71.

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