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Rupee strengthens on weak American currency overseas
Nov-27-2020

Indian rupee strengthened against the US dollar on Friday amid weak American currency in overseas market. Further, reports of significant progress on Covid-19 vaccines and hopes for a smoother transition to a Joe Biden administration too supported sentiment. Moreover, sustained foreign fund inflows also buoyed rupee sentiment. Foreign Institutional Investors (FIIs) bought shares worth Rs 2,027.31 crore on a net basis on Thursday, exchange data showed. Meanwhile, market participants awaited India’s GDP number that is scheduled to be released later in the day.

The partially convertible currency is currently trading at 73.77, stronger by 11 paise from its previous close of 73.88 on Thursday. The currency touched a high and low of 73.8300 and 73.7600 respectively. The reference rate for the dollar stood at 73.97, and for Euro stood 87.99 on November 25, 2020. While the reference rate for the Yen stood at 70.77, the reference rate for the Great Britain Pound (GBP) stood at 98.69.

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