Indian rupee ended stronger against dollar on Monday, owing to dollar sale by exporters and banks. This was the second day of consecutive gains for the domestic currency. Sentiments remained up-beat with Commerce and industry minister Suresh Prabhu’s statement that the government is making a strategy to make India a $5 trillion economy and simultaneously fine tuning the plan to take it to $10 trillion. Besides, weakness in the dollar against some other currencies overseas along with good going in the local equity markets gave the uptrend some momentum. On the global front, pound strengthened against its major counterparts on Monday, following a media report that U.K. Prime Minister Theresa May is mulling a plan to postpone the Brexit for up to two months.
Finally, the rupee ended at 70.97, 17 paise stronger from its previous close of 71.14 on Friday. The currency touched a high and low of 71.09 and 70.96 respectively. The reference rate for the dollar stood at 71.04 and for Euro stood at 80.60 on February 25, 2019. While the reference rate for the Yen stood at 64.22, the reference rate for the Great Britain Pound (GBP) stood at 92.88.
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