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Rupee appreciates for sixth straight session
Feb-12-2019

Indian rupee appreciated for the sixth consecutive session against the US dollar on Tuesday, on account of selling in American currency by banks and exporters. Traders took encouragement with the Prime Minister said that India is the fastest-growing large economy in the world and a recent report has estimated that it could be the second largest world economy by 2039. However, there was some cautiousness too ahead of index of industrial production (IIP) data for December and inflation numbers for January to be released later in the day. On the global front, Sterling fell against the dollar, as doubts grow about whether Prime Minister Theresa May can convince the European Union to accept changes to her Brexit divorce deal.

Finally, the rupee ended at 70.70, 48 paise stronger from its previous close of 71.18 on Monday. The currency touched a high and low of 71.21 and 71.69 respectively. The reference rate for the dollar stood at 70.93 and for Euro stood at 80.02 on February 12, 2019. While the reference rate for the Yen stood at 64.15, the reference rate for the Great Britain Pound (GBP) stood at 91.26.

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