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Rupee strengthens against US dollar despite corona virus outbreak concerns
Mar-24-2020

Indian rupee strengthened against the US dollar on Tuesday, despite growing concerns over the impact of corona virus outbreak on the domestic as well as the global economy. As the global death toll due to novel Corona virus reached 16,572 today, the World Health Organisation warned that the virus is accelerating. The total number of confirmed cases in India rose to nearly 500. Meanwhile, the Reserve Bank of India (RBI) stepped in on Monday to infuse more liquidity into the system by announcing term repo operations of Rs 1 trillion in two tranches, even as it advanced a secondary bond-buying plan scheduled next week. Foreign institutional investors (FIIs) sold equity shares worth Rs 2,989.29 crore on Monday, exchange data showed.

The partially convertible currency is currently trading at 76.14, stronger by 6 paise from its previous close of 76.20 on Monday. The currency touched a high and low of 76.4000 and 76.0250 respectively. The reference rate for the dollar stood at 75.00 and for Euro stood at 80.64 on March 20, 2020. While the reference rate for the Yen stood at 68.19, the reference rate for the Great Britain Pound (GBP) stood at 87.42.

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