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Rupee strengthens against US dollar on Monday
Dec-02-2019

Indian rupee strengthened against the US dollar on Monday, despite economic growth concerns after India's Q2 GDP growth dipped to over 6-yr low of 4.5 percent in July-September 2019, dragged mainly by deceleration in manufacturing output and subdued farm sector activity, according to official data released on Friday. Strengthening of the US dollar against other currencies overseas and sustained foreign fund outflows, weighed on the domestic currency and restricted its gains. Foreign institutional investors (FIIs) sold shares worth Rs 1,892.29 crore on Friday, exchange data showed. Meanwhile, investors are waiting for the fresh developments on trade deal between US and China. On the global front, the Japanese yen held six-month low as investors cheered an unexpected rebound in Chinese manufacturing, while a tightening British election race knocked the pound.

The partially convertible currency is currently trading at 71.71, stronger by 3 paise from its previous close of 71.74 on Friday. The currency touched a high and low of 71.7875 and 71.6675 respectively. The reference rate for the dollar stood at 71.72 and for Euro stood at 78.97 on November 29, 2019. While the reference rate for the Yen stood at 65.51, the reference rate for the Great Britain Pound (GBP) stood at 92.66.

 

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