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Rupee strengthens against US dollar on Wednesday

03 Jun 2020 Evaluate

Indian rupee strengthened against the US dollar on Wednesday, followed by positive domestic equities tracking firm global cues as most of the economies are opening up after shutdowns due to corona virus pandemic. Rupee improved further after Prime Minister Narendra Modi asserted that the country will get back its economic growth and said reforms undertaken during the lockdown will help the economy in the long-run. Moreover, weak American dollar and sustained foreign fund inflows also supported investor sentiments. Foreign institutional investors (FIIs) bought equity shares worth Rs 7,498.29 crore on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 75.27, stronger by 9 paise from its previous close of 75.36 on Tuesday. The currency touched a high and low of 75.2950 and 75.04 respectively. The reference rate for the dollar stood at 75.47 and for Euro stood at 84.09 on June 1, 2020. While the reference rate for the Yen stood at 70.16, the reference rate for the Great Britain Pound (GBP) stood at 93.53. 

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