Indian rupee ended unchanged on Tuesday compared to its yesterday’s close, as investors look ahead to U.S.-China trade talks. Traders remained cautious with NITI Aayog’s statement that India needs to focus more on meeting its revenue deficit target than adhering to the fiscal deficit aim. NITI Aayog added that India needs to shift its obsession with the fiscal gap number and this obsession must end. Investors also took note of the International Labour Organisation’s (ILO) latest report title ‘India Wage Report: Wage policies for decent work and inclusive growth’ stating that the country needs to improve its wage policies. On the global front, dollar slipped against the yen and a basket of major peers on Tuesday after US President Donald Trump said he was “not thrilled” with Federal Reserve Chairman Jerome Powell for raising interest rates.
Finally, the rupee ended unchanged from its previous close of 69.83 on Monday. The currency touched a high and low of 69.92 and 69.52 respectively. The reference rate for the dollar stood at 69.66 and for Euro stood at 80.24 on August 21, 2018. While the RBI’s reference rate for the Yen stood at 63.30, the reference rate for the Great Britain Pound (GBP) stood at 89.39. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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