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Rupee strengthens against US dollar on Wednesday
Oct-16-2019

Indian rupee strengthened against the US dollar on Wednesday following firm domestic equities and foreign fund inflows supported the local unit. Foreign institutional investors (FIIs) purchased shares worth Rs 436.02 crore on Tuesday, exchange data showed. Though, increasing demand for the American currency against other currencies overseas and rising crude oil prices weighed on domestic currency and restricted its uptrend. Meanwhile, investors are now focusing on the RBI meeting minutes that will be released later this week and dovish outlook on the economy could put some pressure on the rupee. On the global front, the pound pulled back from its highest level in almost five months versus the dollar, erasing some of the rally sparked by signs Britain is closing in on a deal to leave the European Union. While, Sterling also pulled back from its highest in five months against the euro as investors took profit and prepared for a make-or-break summit between Britain and the EU on Thursday and Friday.

The partially convertible currency is currently trading at 71.51, stronger by 3 paise from its previous close of 71.54 on Tuesday. The currency touched a high and low of 71.7100 and 71.4700 respectively. The reference rate for the dollar stood at 71.01 and for Euro stood at 78.29 on October 14, 2019. While the reference rate for the Yen stood at 65.61, the reference rate for the Great Britain Pound (GBP) stood at 89.28.

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