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Rupee ends substantially stronger against dollar
Jul-02-2020

Indian rupee ended substantially stronger on Thursday on fresh selling of American currency by banks and exporters. Besides, healthy growth in the domestic equity markets and dollar weakness against other currencies overseas added to the rupee gains. Sentiments got boost with the signs of progress in developing a COVID-19 vaccine which bolstered hopes of a post-pandemic economic recovery. Meanwhile, Ministry of Finance in its latest report has said that the gross Goods and Services Tax (GST) revenue collected in the month of June, 2020 is Rs. 90,917 crore of which CGST is Rs 18,980 crore, SGST is Rs 23,970 crore, IGST is Rs 40,302 crore (including Rs 15,709 crore collected on import of goods) and Cess is Rs 7,665 crore (including Rs 607 crore collected on import of goods). On the global front, pound continued to be driven up by the weaker U.S. dollar on Thursday and stayed neutral versus the euro as investors assessed the probability of Britain signing a trade deal with the European Union by the end of this year.

Finally, the rupee ended at 75.04, 56 paise stronger from its previous close of 75.60 on Wednesday. The currency touched a high and low of 75.53 and 74.99 respectively. The reference rate for the dollar stood at 75.58 and for Euro stood at 84.88 on July 01, 2020. While the reference rate for the Yen stood at 70.19, the reference rate for the Great Britain Pound (GBP) stood at 93.58.

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