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Rupee strengthens against US dollar on Friday
Jul-03-2020

Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equity market amid optimism over potential corona virus vaccine. A potential corona virus vaccine indigenously developed by the Ahmedabad-based Zydus Cadila Healthcare has received approval from the Drugs Controller General of India for human clinical trials. Moreover, steady crude oil prices and weakness in American currency also supported the domestic unit. Though, concerns over rising corona virus cases coupled with foreign fund outflows weighing on rupee and capped its gains. Foreign institutional investors (FIIs) sold shares worth Rs 556.72 crore on Thursday, exchange data showed. Data from health ministry showed the death toll in India due the corona virus rose to 18,213 and the number of infections spiked to 6,25,544, while the number of cases around the world has crossed 1.08 crore with death toll topped at 5.20 lakh.

The partially convertible currency is currently trading at 74.71, stronger by 33 paise from its previous close of 75.04 on Thursday. The currency touched a high and low of 74.8400 and 74.6025 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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