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Rupee strengthens for second straight session on Friday
Aug-16-2019

Indian rupee strengthened for second consecutive session on Friday, on dollar selling by exporters and banks. The rupee sentiment was buoyed with Commerce Secretary Anup Wadhawan’s report that exports growth of the country in the current fiscal is likely to be in double digits despite the challenging situation both on the external and internal fronts. He added in the last financial year, growth in exports was between nine and 10% and the volume touched $331 billion. Meanwhile, India’s merchandise exports grew by 2.25 percent in July 2019 to $26.33 billion as compared to same period of last year, on the back of higher shipments of organic goods, drugs and pharmaceuticals. Trade deficit, gap between imports and exports, narrowed to $13.43 billion in July from $18.63 billion a year ago, helped by lower oil import bill. However, dollar's strengthen against some other currencies overseas along with rising crude oil prices capped the gains. On the global front, dollar rallied on Friday, hitting a two-week high against the euro as expectations for lower interest rates weighed on the European currencies.

Finally, the rupee ended at 71.14, 13 paise stronger from its previous close of 71.27 on Wednesday. The currency touched a high and low of 71.47 and 70.50 respectively. The reference rate for the dollar stood at 71.09 and for Euro stood at 79.45 on August 14, 2019. While the reference rate for the Yen stood at 66.82, the reference rate for the Great Britain Pound (GBP) stood at 85.74.

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