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Rupee ends tad lower against dollar on Tuesday

23 Jul 2019 Evaluate

Indian rupee ended marginally lower against US dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Investors failed to get any solace with Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Ramesh Abhishek stating that India is hopeful of further improving its ranking in an index of the world's most innovative economies from the current 57th. Strengthening of the U.S. Dollar against other currencies overseas and rising crude oil prices also kept pressure on the Indian Rupee. On the global front, US dollar strengthened against its major rivals as investors awaited major central banks' next monetary moves.

Finally, the rupee ended at 68.94, 2 paise weaker from its previous close of 68.92 on Monday. The currency touched a high and low of 69.05 and 68.90 respectively. The reference rate for the dollar stood at 69.01 and for Euro stood at 77.42 on July 22, 2019. While the reference rate for the Yen stood at 63.94, the reference rate for the Great Britain Pound (GBP) stood at 86.29.

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