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Rupee strengthens against US dollar on Thursday
Jun-20-2019

Indian rupee strengthened against the US dollar on Thursday, despite the pressure due to foreign fund outflows and rising crude oil prices. Foreign funds pulled out Rs 97.05 crore from the capital markets on a net basis Wednesday, provisional data showed. On the global front, the dollar was on the defensive after the Federal Reserve signaled it was ready to lower interest rates to combat growing global and domestic risks. The Fed on Wednesday left interest rates unchanged as widely expected but said the case for lower rates was building, suggesting it could ease monetary policy as early as next month as it took stock of rising trade tensions and growing concerns about weak inflation.

The partially convertible currency is currently trading at 69.60, stronger by 8 paise from its previous close of 69.68 on Wednesday. The currency touched a high and low of 69.6700 and 69.4700 respectively. The reference rate for the dollar stood at 69.80 and for Euro stood at 78.42 on June 18, 2019. While the reference rate for the Yen stood at 64.47, the reference rate for the Great Britain Pound (GBP) stood at 87.46.

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