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Rupee strengthens against US dollar on fresh foreign fund inflows
Dec-04-2018

Indian rupee strengthened against the US dollar on Tuesday, helped by fresh foreign fund inflows. As per provisional data, foreign institutional investors made fresh purchases worth Rs 293.12 crore on Monday. However, weakness in domestic equity market and rising crude oil prices, capped the upward sentiment. Meanwhile, investors adopted a cautious approach ahead of RBI policy decision. On the global front, the dollar slipped in Asia as US Treasury yields fell to three-month lows, a sign some investors were wagering the Federal Reserve would slow the pace of its rate hikes. The weakness in the dollar comes against the backdrop of a temporary truce in the US-China trade conflict, which has bolstered investor confidence in riskier currencies versus the safe-haven greenback.

The partially convertible currency is currently trading at 70.39, stronger by 7 paise from its previous close of 70.46 on Monday. The currency touched a high and low of 70.5550 and 70.3600 respectively. The reference rate for the dollar stood at 70.02 and for Euro stood at 79.58 on December 03, 2018. While the reference rate for the Yen stood at 61.69, the reference rate for the Great Britain Pound (GBP) stood at 89.50. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$ 1GBP
December 03, 201870.028089.5005
November 30, 201869.657489.0848

(Reference Rate)

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