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Rupee strengthens against US dollar on Thursday
Jul-02-2020

Indian rupee strengthened against the US dollar on Thursday due to firm domestic equities with Nifty above 10500 points, and tracking positive global markets. Further, upbeat US and European economic data have dulled safe-haven appeal of the dollar against its global peers, too supporting sentiments in the domestic unit. Moreover, investor sentiment strengthened after Pfizer and its German partner BioNTech reported encouraging signs from its very early testing of a possible corona virus vaccine. Though, concerns over rising corona virus cases coupled with foreign fund outflows weighing on rupee and capped its gains. Health ministry data showed the death toll in India due the corona virus pandemic rose to 17,834 and the number of infections spiked to 6,04,641, while the number of cases around the world has crossed 1.06 crore with death toll topped at 5.15 lakh. Foreign Institutional Investors (FIIs) sold shares worth Rs 1,696.45 crore on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 75.49, stronger by 11 paise from its previous close of 75.60 on Wednesday. The currency touched a high and low of 75.5325 and 75.4950 respectively. The reference rate for the dollar stood at 75.52 and for Euro stood at 84.66 on June 30, 2020. While the reference rate for the Yen stood at 70.15, the reference rate for the Great Britain Pound (GBP) stood at 92.68.

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