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Rupee strengthens against US dollar on Thursday
Jul-09-2020

Indian rupee strengthened against US dollar on Thursday, tracking weakness in the American currency and firm domestic equities followed by positive cues from global markets. Moderna Therapeutics announced that it had completed trial enrollment for a phase 2 study. The company said that the phase 3 study remains on track to start in July and deliver 1 billion doses in the beginning for 2021. Though, foreign fund outflows and concerns over surging corona virus cases around the globe weighed on the rupee and capped its gains. Foreign Institutional Investors (FIIs) sold shares worth Rs 994.87 crore on Wednesday, exchange data showed. Health ministry data showed the death toll in India due to corona virus rose to 21,129 and the number of infections spiked to 7,67,296, while the number of cases around the world has crossed 1.20 crore with the death toll topped at 5.48 lakh.

The partially convertible currency is currently trading at 74.99, stronger by 3 paise from its previous close of 75.02 on Wednesday. The currency touched a high and low of 75.02 and 74.91 respectively. The reference rate for the dollar stood at 74.86 and for Euro stood at 84.61 on July 07, 2020. While the reference rate for the Yen stood at 69.60, the reference rate for the Great Britain Pound (GBP) stood at 93.48.

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