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Rupee strengthens against US dollar on Monday
Oct-14-2019

Indian rupee strengthened against the US dollar on Monday due to progress in the Sino-US trade talks. US President Donald Trump on October 11 had said that the United States has reached a ‘very substantial’ Phase 1 trade deal with China. He suspended a threatened tariff hike last week, though officials on both sides said much more work needs to be done. Moreover, higher opening in domestic equities, foreign fund inflows and easing crude prices also supported the domestic currency. Foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 749.74 crore on October 11, exchange data showed. On the global front, the dollar held near a 2-1/2-month high against the yen on signs of progress in Sino-US trade talks, while sterling hovered near a three-month peak on hopes for an orderly British exit from the European Union.

The partially convertible currency is currently trading at 70.93, stronger by 9 paise from its previous close of 71.02 on Friday. The currency touched a high and low of 70.9350 and 70.7400 respectively. The reference rate for the dollar stood at 71.02 and for Euro stood at 78.24 on October 11, 2019. While the reference rate for the Yen stood at 65.78, the reference rate for the Great Britain Pound (GBP) stood at 88.42.

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