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Rupee strengthens against US dollar on Friday
Sep-25-2020

Indian rupee strengthened against the US dollar on Friday, tracking positive domestic equities following overnight gains on the Wall Street. Though, foreign fund outflows, irregular strength in the US dollar overseas, and concerns over surging corona virus cases kept investors cautious. Foreign institutional investors (FIIs) sold shares worth Rs 1,885.69 crore on Thursday, exchange data showed. On the global front, the US dollar dipped from a two-month peak as renewed hopes of fresh US stimulus eased investors’ concerns about its economic recovery. The latest data showed that The US initial claims for state unemployment benefits totaled a seasonally adjusted 870,000 for the week ended September 19, compared to 866,000 in the prior week. While, investors keeping an eye on the durable goods number that will be released from the US.

The partially convertible currency is currently trading at 73.72, stronger by 17 paise from its previous close of 73.89 on Thursday. The currency touched a high and low of 73.7700 and 73.6500 respectively. The reference rate for the dollar stood at 73.62 and for Euro stood 85.98 on September 23, 2020. While the reference rate for the Yen stood at 70.04, the reference rate for the Great Britain Pound (GBP) stood at 93.42.

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