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Rupee strengthens against US dollar on Monday
Jul-06-2020

Indian rupee strengthened against the US dollar on Monday tracking gains in the domestic equities amid optimism over potential corona virus vaccine. Further, foreign fund inflows and weak American currency too supported the domestic currency. Foreign institutional investors (FIIs) purchased shares worth Rs 857.29 crore on Friday, exchange data showed. Though, concerns over surging corona virus cases worldwide weighing on the rupee and capped its gains. Health ministry data showed the death toll in India due the corona virus pandemic rose to 19,693 and the number of infections spiked to 697,413, while the number of cases around the world has crossed 1.14 crore with death toll topped at 5.33 lakh. On the global front, the US dollar held steady against most currencies as investors’ awaited data expected to show the US services sector stopped contracting, that could lift hopes for an economic recovery from the corona virus pandemic.

The partially convertible currency is currently trading at 74.61, stronger by 5 paise from its previous close of 74.66 on Friday. The currency touched a high and low of 74.6900 and 74.5200 respectively. The reference rate for the dollar stood at 74.78 and for Euro stood at 84.04 on July 03, 2020. While the reference rate for the Yen stood at 69.56, the reference rate for the Great Britain Pound (GBP) stood at 93.27.

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