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Rupee strengthens tracking gains in domestic equities
Aug-09-2019

Indian rupee strengthened against the US dollar on Friday, tracking sharp gains in domestic equities amid reports that the government is likely to roll back higher surcharge on Foreign Portfolio Investors (FPIs). The Reserve Bank of India’s move on the key interest rates and comments on liquidity also provided some support to the currency markets. Though, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 437.39 crore on Thursday, according to provisional exchange data. On the global front, the yen traded near an eight month high versus the dollar as renewed concerns about the US-China trade dispute and signs that central banks are more worried about the global economy boosted safe-haven assets.

The partially convertible currency is currently trading at 70.51, stronger by 18 paise from its previous close of 70.69 on Thursday. The currency touched a high and low of 70.5800 and 70.4400 respectively. The reference rate for the dollar stood at 70.95 and for Euro stood at 79.50 on August 7, 2019. While the reference rate for the Yen stood at 66.80, the reference rate for the Great Britain Pound (GBP) stood at 86.22.

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