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Rupee ends stronger against dollar on Tuesday

13 Nov 2018 Evaluate

Reversing previous session’s losses, Indian rupee staged a smart recovery against dollar on Tuesday, owing to easing global crude oil prices and better-than-expected macro-economic data on the domestic front. The consumer price index (CPI) inflation eased to 3.31 percent in the month of October 2018 as compared to 3.58 percent in October 2017 on low food prices. The retail inflation number is the lowest since September 2017 when it touched 3.28 percent. Also, the prices of vegetables fell by 8.06 percent in the month of October in comparison to a 4.15 percent contraction in September. That apart, the rupee derived its strength from strong gains in the local equity markets as well as strength of other Asian currencies against dollar. On the global front, euro drifted up from a 16-month low on Tuesday as a pause in the dollar’s rally prompted some investors to purchase the single currency, though concerns about Italy’s budget proposals and Brexit negotiations capped some gains.

Finally, the rupee ended at 72.67, 22 paise stronger from its previous close of 72.89 on Monday. The currency touched a high and low of 72.82 and 72.51 respectively. The reference rate for the dollar stood at 72.58 and for Euro stood at 81.61 on November 13, 2018. While the reference rate for the Yen stood at 63.69, the reference rate for the Great Britain Pound (GBP) stood at 93.49. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 


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