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Rupee strengthens against US dollar on Thursday
Nov-26-2020

Indian rupee strengthened against US dollar on Thursday following lingering optimism over the development of a corona virus vaccine. Moreover, sustained foreign fund inflows and weak American currency in the overseas market also supported the rupee. Foreign Institutional Investors (FIIs) bought shares worth Rs 24.20 crore, while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 1,840.33 crore in the Indian equity market on Wednesday, exchange data showed. On the global front, the dollar weakened against a basket of its major peers as vaccine optimism and prospects of more economic stimulus under the incoming Biden administration in the United States prompted investors to seek out riskier assets tied to global commodities and emerging markets.

The partially convertible currency is currently trading at 73.85, stronger by 6 paise from its previous close of 73.91 on Wednesday. The currency touched a high and low of 73.8700 and 73.8400 respectively. The reference rate for the dollar stood at 73.97, and for Euro stood 87.69 on November 24, 2020. While the reference rate for the Yen stood at 70.86, the reference rate for the Great Britain Pound (GBP) stood at 98.69.

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