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Rupee strengthens against US dollar on Monday

24 Aug 2020 Evaluate
Indian rupee strengthened against the US dollar on Monday supported by strong domestic equities, although concerns surrounding rising coronavirus cases continue to cap the upside. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 410.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 250.65 crore in the Indian equity market on Friday. Overseas, Asian stocks are trading lower on Monday as developments on the coronavirus pandemic continue to be watched by investors.

The partially convertible currency is currently trading at 74.82, stronger by 2 paise from its previous close of 74.84 on Friday. The currency touched a high and low of 74.91 and 74.82 respectively. The reference rate for the dollar stood at 74.87 and for Euro stood at 88.85 on August 21, 2020. While the reference rate for the Yen stood at 70.90, the reference rate for the Great Britain Pound (GBP) stood at 99.12.

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