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Rupee continues upward momentum for third straight session
Apr-11-2019

Indian rupee continued its upward momentum for the third day on Thursday, on the back of persistent selling of the American currency by exporters. Sentiments got up-beat with IMF’s statement that some reforms in India have shown the benefits of digitalization which has also reduced the opportunities for discretion and fraud. However, there was some cautiousness too ahead of key domestic cues of retail inflation data and industrial production data due tomorrow. Meanwhile, Finance Minister Arun Jaitley has discussed India's economic reforms and outlook for the future with investors in US. On the global front, dollar and euro were little changed on Thursday after the Federal Reserve and the European Central Bank hinted they were willing to leave interest rates alone amid trade tensions and signs of flagging growth.

Finally, the rupee ended at 68.92, 19 paise stronger from its previous close of 69.11 on Wednesday. The currency touched a high and low of 69.20 and 68.83 respectively. The reference rate for the dollar stood at 68.97 and for Euro stood at 77.79 on April 11, 2019. While the reference rate for the Yen stood at 62.07, the reference rate for the Great Britain Pound (GBP) stood at 90.27.

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