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Rupee strengthens against the US dollar on Monday
Nov-23-2020

Indian rupee strengthened against the US dollar on Monday due to positive sentiments surrounding the progress on the potential vaccine. US Pharmaceutical giant Pfizer Inc and its German partner BioNTech had submitted an application to US health regulators on Friday for emergency use authorization of its Covid-19 vaccine, the first such application in a major step toward providing protection against the new corona virus. Further, Foreign Institutional Investors (FIIs) bought shares worth Rs 3,860.78 crore on a net basis on Friday, exchange data showed.

The partially convertible currency is currently trading at 74.12, stronger by 4 paise from its previous close of 74.16 on Friday. The currency touched a high and low of 74.2200 and 74.1200 respectively. The reference rate for the dollar stood at 74.15, and for Euro stood 88.15 on November 20, 2020. While the reference rate for the Yen stood at 71.47, the reference rate for the Great Britain Pound (GBP) stood at 98.49.  

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