Indian rupee strengthened against dollar on Tuesday, due to selling of the US currency by exporters and banks. Market participants drew some support with Union minister Nitin Gadkari stating that innovative funding modules are on the anvil for the ambitious Rs 7.5-lakh-crore highway building programme as the sector can help achieve government’s dream of making India a $5 trillion economy. However, dollar’s strength against major global currencies overseas along with lackluster trade in the equity markets restricted the further up move. On the global front, euro dipped a three-week low against a stronger dollar on Tuesday as investors re-assessed their expectations of how much the Federal Reserve may cut interest rates by this month.
Finally, the rupee ended at 68.51, 15 paise stronger from its previous close of 68.66 on Monday. The currency touched a high and low of 68.84 and 68.51 respectively. The reference rate for the dollar stood at 68.69 and for Euro stood at 77.10 on July 08, 2019. While the reference rate for the Yen stood at 63.42, the reference rate for the Great Britain Pound (GBP) stood at 86.05.
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