Reversing previous session’s losses, Indian rupee ended marginally higher against dollar on Tuesday, owing to dollar sale by exporters and banks. Sentiments turned optimistic with data showing that wholesale price inflation (WPI) for the month of April eased to 3.07 percent compared to 3.18 percent in March led by fall in prices of manufacturing products. Last hour recovery in local equity markets also supported the domestic unit. However, gains remain capped as cautiousness remained in markets with the Central Statistics Office (CSO) data showing that retail inflation inched up to a six-month high of 2.92% in April due to a spike in food prices, including vegetables, meat, fish and eggs. Inflation based on the Consumer Price Index (CPI) was at 2.86% in the previous month and 4.58% in April 2018. On the global front, U.S. dollar edged higher on Tuesday, attempting to snap a four-day losing streak amid the back-and-forth trade dispute between the U.S. and China.
Finally, the rupee ended at 70.44, 7 paise stronger from its previous close of 70.51 on Monday. The currency touched a high and low of 70.51 and 70.30 respectively. The reference rate for the dollar stood at 70.25 and for Euro stood at 78.92 on May 14, 2019. While the reference rate for the Yen stood at 64.04, the reference rate for the Great Britain Pound (GBP) stood at 91.43.
