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Rupee appreciates against dollar on Monday
Jun-24-2019

Indian rupee ended higher against the American currency on Monday, as fresh sale of the US currency by exporters paced up. Local currency got support with Niti Aayog’s statement that expert panel for macroeconomics and employment came out with suggestions to achieve $5 trillion economy target during an interaction with Prime Minister Narendra Modi. Besides, the dollar losing muscle against other currencies overseas helped the domestic currency rebound. However, rising crude oil prices due to US-Iran tensions along with lackluster trade in the equity markets restricted the further up move. On the global front, euro rose to a three-month high against the dollar on Monday, as bearish bets on the US currency remained solid on prospects of a near-term interest rate cut by the Federal Reserve.

Finally, the rupee ended at 69.35, 23 paise stronger from its previous close of 69.58 on Friday. The currency touched a high and low of 69.60 and 69.34 respectively. The reference rate for the dollar stood at 69.63 and for Euro stood at 78.58 on June 21, 2019. While the reference rate for the Yen stood at 64.90, the reference rate for the Great Britain Pound (GBP) stood at 88.36.

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