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Rupee rises for 3rd straight day
Mar-27-2020

Indian rupee rose for the third straight day against dollar on Friday, amid fresh selling of the American currency by exporters and banks. Traders took support after the Reserve Bank of India (RBI) announced various measures to support the economy amid the coronavirus-induced crisis. The RBI cut benchmark interest rate by 75 basis points to 4.4 percent. The central bank also reduced the cash reserve ratio (CRR) of all banks by 100 basis points to 3 percent with effect from March 28 for 1 year.  Traders paid no heed towards rating agency Crisil’s report that it has cut its growth estimate for India to 3.5 percent for next financial year (FY21) amid severe dent in the economic activity due to the coronavirus pandemic. On the global front, Euro fell against dollar on Friday in a sign investors were focusing once more on the spread of the coronavirus pandemic despite hopes for further stimulus measures to combat its economic impact. 

The last traded price of rupee was 74.90, 26 paise stronger from its previous close of 75.16 on Thursday. The currency touched a high and low of 75.40 and 74.35 respectively. The reference rate for the dollar stood at 75.23 and for Euro stood at 82.04 on March 26, 2020. While the reference rate for the Yen stood at 67.98, the reference rate for the Great Britain Pound (GBP) stood at 89.01.  


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