Indian rupee pared some of early gains to end marginally higher against dollar on Tuesday, due to some dollar demand from importers and corporates. Traders took some support with Commerce and Industry Minister Suresh Prabhu expressing hopes that India can benefit from the ongoing challenges in global trade provided it makes the right moves. The Minister added that the Indian government is taking steps to boost exports, industrial growth and manufacturing activities. Besides, positive trend in equity market too supported the rupee. However, gains were capped as investors remained cautious ahead of key economic data i.e. February IIP and March CPI data, scheduled to be released on April 12. On the global front, dollar rose against the yen on Tuesday after Chinese President Xi Jinping’s promise to cut import tariffs eased concerns about a trade conflict and revived risk appetite.
Finally, the rupee ended at 64.99, 4 paise stronger from its previous close of 65.03 on Monday. The currency touched a high and low of 65.03 and 64.88 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.93 and for Euro stood at 79.90 on April 10, 2018. While the RBI’s reference rate for the Yen stood at 60.58, the reference rate for the Great Britain Pound (GBP) stood at 91.74. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
