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Rupee strengthens a bit against dollar on Wednesday
Jan-22-2020

Indian rupee ended marginally higher against dollar on Wednesday, as bankers and exporters took to selling of American currency. Traders took some support with Union Minister Piyush Goyal’s statement that India is working on ways to have fairer and more equitable terms in its trade relationships with various countries. Easing crude oil prices also supported the rupee. However, gains were limited as some concern came with a UN study report stated that economic inequality has risen to historic high levels across various countries with over 70 per cent of the world population living in countries where inequality has grown further and these include India and China. On the global front, U.S. dollar edged higher Wednesday as traders took a calmer view of the emergence of the pneumonia-like virus in China, but its gains were minimal and caution was still abundant.

Finally, the rupee ended at 71.19, 2 paise stronger from its previous close of 71.21 on Tuesday. The currency touched a high and low of 71.24 and 71.16 respectively. The reference rate for the dollar stood at 71.18 and for Euro stood at 78.99 on January 21, 2020. While the reference rate for the Yen stood at 64.74, the reference rate for the Great Britain Pound (GBP) stood at 92.62.

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