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Rupee strengthens against US dollar on Wednesday
Jun-19-2019

Indian rupee strengthened against US dollar on Wednesday, supported by firm trend at domestic equities on the back of positive trades in global markets over hopes of dovish stance from the US Federal Reserve. Markets also received an extra boost from confirmation that US President Donald Trump would meet China's president to talk about trade. Further, foreign fund inflows and selling of the American currency by exporters too supported the domestic currency. Foreign funds infused Rs 31.73 crore in the capital markets on a net basis Tuesday, provisional data showed. On the global front, the dollar held near a two-week high early on Wednesday ahead of the Federal Reserve’s closely-watched policy decision later in the day, supported by a surprisingly dovish European Central Bank and bearish eurozone economic data.

The partially convertible currency is currently trading at 69.62, stronger by 8 paise from its previous close of 69.70 on Tuesday. The currency touched a high and low of 69.6500 and 69.4950 respectively. The reference rate for the dollar stood at 69.83 and for Euro stood at 78.27 on June 17, 2019. While the reference rate for the Yen stood at 64.31, the reference rate for the Great Britain Pound (GBP) stood at 87.88.

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