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Rupee strengthens against US dollar on Wednesday
Nov-25-2020

The rupee strengthened against the US dollar on Wednesday due to positive development on the corona virus vaccine front. AstraZeneca has reported its COVID-19 vaccine was 90% effective and doesn’t have to be stored at freezer temperatures, making it potentially easier to distribute, especially in developing countries. Further, sustained foreign fund inflows and weak American currency also supported the rupee. Foreign institutional investors (FIIs) bought shares worth Rs 4,563.18 crore on a net basis on Tuesday, exchange data showed. On the global front, expectations for the imminent release of a corona virus vaccine and the expected choice of former Federal Reserve Chair Janet Yellen as US President-elect Joe Biden's next Treasury secretary are expected to continue to push the dollar down.

The partially convertible currency is currently trading at 73.97, stronger by 4 paise from its previous close of 74.01 on Tuesday. The currency touched a high and low of 74.02 and 73.94 respectively. The reference rate for the dollar stood at 74.14, and for Euro stood 88.06 on November 23, 2020. While the reference rate for the Yen stood at 71.46, the reference rate for the Great Britain Pound (GBP) stood at 98.80.

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