Giving up most of their early gains, Indian rupee ended slightly higher against dollar on Tuesday on account of selling of US dollar by bankers and exporters. Besides, rally in domestic equity markets added support to the local unit. Moreover, easing crude prices and gains in other Asian currencies also supported the rupee. Some support also came with the Reserve Bank’s statement that continuing its northward surge, India’s forex kitty has swelled by $1.039 billion to a new life-time high of $440.751 billion for the week ended October 18. Besides, in the special Muhurat trading session, foreign institutional investors remained net buyers in the capital markets, putting in Rs 6.61 crore on October 27. On the global front, Sterling fell towards a ten-day low against the dollar as investors waited for Prime Minister Boris Johnson's next attempt to push for a General Election.
Finally, the rupee ended at 70.84, 6 paise stronger from its previous close of 70.90 on Friday. The currency touched a high and low of 70.91 and 70.68 respectively. The reference rate for the dollar stood at 70.95 and for Euro stood at 78.81 on October 25, 2019. While the reference rate for the Yen stood at 65.30, the reference rate for the Great Britain Pound (GBP) stood at 91.18.
