Indian rupee gained ground against dollar and ended higher on Thursday, on persistent selling of the American currency by exporters. Sentiments remained up-beat with Commerce and Industry Minister Piyush Goyals’ statement that the government will not allow foreign companies to operate in multi-brand segment and necessary action will be taken against people indulging in predatory pricing. Traders paid no heed towards DBS Bank revised India's GDP growth for fiscal year 2020 downwards to 6.8 per cent year-on-year (YoY) from 7 per cent projected earlier, citing headwinds for exports amidst challenging trade outlook. 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, dollar fell on Thursday, skidding to a six-month low versus the yen, after the U.S. Federal Reserve signaled it was ready to lower interest rates to combat growing domestic and global risks.
Finally, the rupee ended at 69.44, 24 paise stronger from its previous close of 69.68 on Wednesday. The currency touched a high and low of 69.67 and 69.35 respectively. The reference rate for the dollar stood at 69.66 and for Euro stood at 77.99 on June 19, 2019. While the reference rate for the Yen stood at 64.34, the reference rate for the Great Britain Pound (GBP) stood at 87.48.
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