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Rupee strengthens against dollar on firm domestic equities
Mar-26-2020

Indian rupee strengthened against the US dollar on Thursday, tracking firm domestic equities after reports that the US Senate has passed a $2 trillion corona virus relief package, while a separate report said the Indian government was likely to agree an economic stimulus package of more than Rs 1.5 trillion to counter the economic impact of the Covid-19 pandemic too lifted investor sentiment. The global death toll due to the novel corona virus on Wednesday has crossed the 21,000 mark and number of confirmed cases worldwide soared past 450,000. In India, more than 600 corona virus cases have been reported so far. Though, Foreign Institutional Investors (FIIs) sold equity shares worth Rs 1,893.36 crore on Wednesday, exchange data showed. Forex market was closed on Wednesday on account of Gudi Padwa.

The partially convertible currency is currently trading at 75.33, stronger by 61 paise from its previous close of 75.94 on Tuesday. The currency touched a high and low of 75.9425 and 75.1000 respectively. The reference rate for the dollar stood at 76.15 and for Euro stood at 82.11 on March 24, 2020. While the reference rate for the Yen stood at 68.98, the reference rate for the Great Britain Pound (GBP) stood at 88.50.

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