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Rupee strengthens against dollar on Thursday

25 Jun 2020 Evaluate

Indian rupee strengthened against dollar on Thursday, tracking weak US dollar and gains in the domestic equity market. Sentiments remained upbeat despite International Monetary Fund (IMF) in its World Economic Outlook (WEO) Update has projected a sharp contraction of 4.5 per cent for the Indian economy in 2020, a ‘historic low,’ citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities. On the global front, US dollar edged higher on Thursday as factors ranging from rising trade tensions to fears of a second wave of coronavirus fuelled demand for safe-haven currencies.

Finally, the rupee ended at 75.65, 7 paise stronger from its previous close of 75.72 on Wednesday. The currency touched a high and low of 75.76 and 75.57 respectively. The reference rate for the dollar stood at 75.70 and for Euro stood at 85.70 on June 24, 2020. While the reference rate for the Yen stood at 71.03, the reference rate for the Great Britain Pound (GBP) stood at 94.72.

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