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Rupee strengthens marginally on increased selling of American currency by exporters, banks

( 14:00, 25-Aug-16)

Indian rupee strengthened marginally against the US dollar on Thursday on increased selling of the American currency by exporters and banks. Further, foreign fund inflows and a firm domestic equity markets also supported the domestic unit. However, gains were capped as traders turned cautious ahead of US Federal Reserve chair Janet Yellen’s speech scheduled on Friday night. On the global front, the dollar bobbed higher in Asian on Thursday but major currencies continued to tread water ahead of the global central bankers' gathering in Jackson Hole, Wyoming, at which Federal Reserve Chair Janet Yellen may offer new clues on U.S. monetary policy.

The partially convertible currency is currently trading at 67.09, stronger by 2 paise from its previous close of 67.11 on Wednesday. The currency touched a high and low of 67.11 and 67.0750 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.13 and for Euro stood at 75.81 on August 24, 2016. While the RBI’s reference rate for the Yen stood at 66.90, the reference rate for the Great Britain Pound (GBP) stood at 88.39.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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