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Rupee strengthens against US dollar on Monday
Jan-20-2020

Indian rupee strengthened against the US dollar on Monday amidst foreign fund inflows in the market. Foreign institutional investors (FIIs) bought shares worth Rs 264.26 crore on Friday, exchange data showed. Though, weak domestic equities as concerns over rising crude oil prices globally on rising tensions in West Asia and North Africa weighed on the rupee and capped its gains to some extent. Two major oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level, the National Oil Corporation (NOC) said. On the global front, the US dollar strengthened as economic data pointed to strength right across the US economy, reducing the likelihood of any further interest rate cuts by the Federal Reserve. US homebuilding surged to a 13-year high last month as activity increased across the board, while production at factories increased for a second straight month, data showed on Friday.

The partially convertible currency is currently trading at 71.05, stronger by 3 paise from its previous close of 71.08 on Friday. The currency touched a high and low of 71.12 and 71.0375 respectively. The reference rate for the dollar stood at 71.04 and for Euro stood at 79.13 on January 17, 2020. While the reference rate for the Yen stood at 64.45, the reference rate for the Great Britain Pound (GBP) stood at 92.94.

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