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Rupee strengthens against US dollar on Thursday

23 Jul 2020 Evaluate

Indian rupee strengthened against the US dollar on Thursday tracking weak American currency, despite rising tensions between the United States and China after the United States ordered China to close its consulate in Houston amid accusations of spying. Further, firm domestic equities and foreign fund inflows too added support to domestic unit. Foreign Institutional Investors (FIIs) bought shares worth Rs 1,665.57 crore on Wednesday, exchange data showed. Though, concerns over surging corona virus cases worldwide continued to bother investor sentiments.

The partially convertible currency is currently trading at 74.68, stronger by 7 paise from its previous close of 74.75 on Wednesday. The currency touched a high and low of 74.7200 and 74.5200 respectively. The reference rate for the dollar stood at 74.76 and for Euro stood at 85.57 on July 21, 2020. While the reference rate for the Yen stood at 69.67, the reference rate for the Great Britain Pound (GBP) stood at 94.87.

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