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Rupee trade weaker against US dollar on Tuesday

25 Aug 2020 Evaluate

Indian rupee trading weaker against the US dollar on Tuesday paring its initial gains in the session due to high volatility in domestic equity market. The higher crude oil rates and curtailed in flows pressured the domestic currency. However, optimism in potential treatment of COVID-19 and signs of progress in US-China trade negotiations limited losses. On the global front, Asia’s trade-exposed currencies held higher after the United States and China agreed on a phone call between their top trade officials as a success. The dollar edged lower as participants sidelined ahead of US Federal Reserve Chair Jerome Powell’s speech later this week.

The partially convertible currency is currently trading at 74.39, weaker by 7 paise from its previous close of 74.32 on Tuesday. The currency touched a high and low of 74.4175 and 74.1700 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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