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Rupee ends with massive gains; macro-economic data eyed

12 Sep 2019 Evaluate

Indian rupee ended significantly higher against dollar on Thursday, on persistent selling of the American currency by exporters. The rupee sentiment was buoyed with report that Union minister Ravi Shankar Prasad termed the low Gross Domestic Product (GDP) growth as a ‘temporary phenomenon’, and said things will improve in future as the fundamentals of Indian economy are strong. Besides, weakness in the dollar against some other currencies overseas gave the uptrend some momentum. However, there was some cautiousness too ahead of key economic data -- July IIP and August CPI, to be announced after the market hours. On the global front, Euro strengthened against major rivals on Thursday as markets await the latest European Central Bank (ECB) interest rate and monetary policy decisions, which will have a decisive impact on the single currency into year-end.

Finally, the rupee ended at 71.14, 52 paise stronger from its previous close of 71.66 on Wednesday. The currency touched a high and low of 71.46 and 71.00 respectively. The reference rate for the dollar stood at 71.66 and for Euro stood at 79.15 on September 11, 2019. While the reference rate for the Yen stood at 66.47, the reference rate for the Great Britain Pound (GBP) stood at 88.56. 

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