Snapping three day falling streak, Indian rupee ended marginally higher against dollar on Tuesday, on the back of better-than-expected macro-economic data. India’s retail inflation cooled down to 4.17% in the month of July 2018, mainly on the back of slowdown in prices of vegetables and fruits, while Wholesale price index (WPI) inflation eased to 5.09% in the month of July 2018, supported by fall in the prices of minerals, crude petroleum & natural gas. Moreover, a strong rebound in domestic equities too supported the rupee. However, dollar’s strength against major global currencies overseas restricted the local unit’s further up move. On the global front, euro hovered near one-year lows against the dollar on Tuesday as the Turkish lira wobbled, on worries economic troubles in Turkey could hit European banks and spread to other emerging economies.
Finally, the rupee ended at 69.89, 2 paise stronger from its previous close of 69.91 on Monday. The currency touched a high and low of 70.09 and 69.68 respectively. The reference rate for the dollar stood at 69.76 and for Euro stood at 79.69 on August 14, 2018. While the RBI’s reference rate for the Yen stood at 62.90, the reference rate for the Great Britain Pound (GBP) stood at 89.23. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
