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Rupee strengthens against US dollar despite FPI outflow concerns
Mar-01-2021

Indian rupee strengthens against the US dollar on Monday, despite FPI outflow concerns in the market. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 8,295.17 crore on Friday, exchange data showed. Further, progress in the US stimulus package underpinned optimism about the global economy too supported rupee’s gains. However, rising crude oil prices and strong yields have capped further gains in rupee. On the global front the US dollar was trading down, while riskier currencies such as the Australian dollar making recoveries against the American currency in the wake of the last week’s selloff in global bond markets.

The partially convertible currency is currently trading at 73.28, stronger by 19 paise from its previous close of 73.47 on Friday. The currency touched a high and low of 73.7625 and 73.2175 respectively. The reference rate for the dollar stood at 73.04, and for Euro stood 88.79 on February 26, 2021. While the reference rate for the Yen stood at 68.78, the reference rate for the Great Britain Pound (GBP) stood at 101.89.

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