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Rupee ends stronger against greenback

11 Aug 2020 Evaluate

Rising for third straight session, Indian Rupee ended stronger against dollar on Tuesday due to selling of the American currency by banks and exporters. Traders were optimistic with Commerce and Industry Minister Piyush Goyal’s statement that India’s balance of payments this year is going to be ‘very very strong’ on the back of significant improvement in exports and a fall in imports. He said that good green shoots are visible in the economy and exports have shown a good turnaround.Gains in domestic equity markets also provided support to the rupee. On the global front, dollar maintained its gains on Tuesday after rising to a one-week high against the euro as U.S.-China tensions and a stalemate in the U.S. Congress over fiscal stimulus supported safe-haven assets.

Finally, the rupee ended at 74.78, 12 paise stronger from its previous close of 74.90 on Monday. The currency touched a high and low of 74.86 and 74.78 respectively. The reference rate for the dollar stood at 74.87 and for Euro stood at 88.32 on August 10, 2020. While the reference rate for the Yen stood at 70.79, the reference rate for the Great Britain Pound (GBP) stood at 97.84.

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