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Rupee ends tad higher against dollar on Thursday

09 Jul 2020 Evaluate

Indian rupee ended marginally higher against dollar on Thursday, on persistent selling of the American currency by exporters. Traders remained positive with report that the India's consumer price inflation is likely to be eased in June from March, as loosened coronavirus-led restrictions in most of the country drove a slight recovery in economic activity and helped reduce a supply crunch. The rupee also derived its strength from strong gains in the local equity markets as well as dollar’s weakness against some currencies overseas. On the global front; dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency.

Finally, the rupee ended at 74.99, 3 paise stronger from its previous close of 75.02 on Wednesday. The currency touched a high and low of 75.07 and 74.91 respectively. The reference rate for the dollar stood at 75.02 and for Euro stood at 84.53 on July 08, 2020. While the reference rate for the Yen stood at 69.75, the reference rate for the Great Britain Pound (GBP) stood at 94.12.

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