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Rupee strengthens against US dollar on Monday

01 Jun 2020 Evaluate

Indian Rupee strengthened against the US dollar on Monday, tracking firm equities after the government issued orders for opening up of economic activity in a phased manner. Further, positive momentum in Asian peers due to less severe response from US President Donald Trump regarding Sino-US relations, also added support to domestic currency. Foreign institutional investors (FIIs) bought equity shares worth Rs 1,460.71 crore on Friday, exchange data showed. Though, some positive sentiments were capped after data showed India's GDP growth tumbling to 3.1% in the March quarter, the slowest pace since the global financial crisis more than a decade back.

The partially convertible currency is currently trading at 75.44, stronger by 18 paise from its previous close of 75.62 on Friday. The currency touched a high and low of 75.44 and 75.29 respectively. The reference rate for the dollar stood at 75.63 and for Euro stood at 83.91 on May 29, 2020. While the reference rate for the Yen stood at 70.56, the reference rate for the Great Britain Pound (GBP) stood at 93.31.

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