Rising for third straight session, Indian rupee strengthened substantially against dollar on Tuesday, owing to dollar sale by exporters and banks. Sentiments remained positive from trials of three potential Covid-19 vaccines, including a closely-watched candidate from Oxford University, increased confidence that a vaccine can train the immune system to recognize and fight the novel coronavirus without serious side effects. However, there was some cautiousness with External Affairs Minister S Jaishankar’s statement that the free trade agreements (FTAs) that India entered into over the years have not been able to largely serve the country's economy well in terms of building its capacities, though all such pacts are not the same. On the global front, euro hit its strongest level since early March on Tuesday after the European Union (EU) struck a deal for a massive stimulus plan to revive their coronavirus-hit economies.
Finally, the rupee ended at 74.74, 17 paise stronger from its previous close of 74.91 on Monday. The currency touched a high and low of 74.87 and 74.73 respectively. The reference rate for the dollar stood at 74.96 and for Euro stood at 85.93 on July 20, 2020. While the reference rate for the Yen stood at 69.90, the reference rate for the Great Britain Pound (GBP) stood at 94.06.
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