Indian rupee ended marginally higher against dollar on Tuesday, owing to dollar sale by exporters and banks. Rupee sentiments were optimistic with a private report stating that the government has generated higher-than-expected revenues from customs duties, which may help it rein in the fiscal deficit within its FY19 target of 3.3% of gross domestic product (GDP). Traders also found some support with rating agency Crisil’s report that the rupee may appreciate to 71 against the dollar by March 2019 on positives like the dip in crude prices and the $75-billion currency swap with Bank of Japan. Moreover, dollar’s weakness against some currencies overseas supported the rupee. On the global front, dollar held in tight ranges versus its major rivals on Tuesday with investors putting discretion before valor as they counted down to the U.S. midterm vote, the first major electoral test of President Donald Trump's big tax cuts and hostile trade policies.
Finally, the rupee ended at 73.00, 12 paise stronger from its previous close of 73.12 on Monday. The currency touched a high and low of 73.07 and 72.90 respectively. The reference rate for the dollar stood at 73.00 and for Euro stood at 83.26 on November 6, 2018. While the reference rate for the Yen stood at 64.37, the reference rate for the Great Britain Pound (GBP) stood at 95.30. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
