Giving up most of its early gains, Indian rupee ended slightly higher against dollar on Monday on account of selling of US dollar by bankers and exporters. Traders took some support with Prime Minister Narendra Modi’s statement that the country is among the top 10 destinations for foreign direct investment (FDI) in the world and had received $286 billion of FDI in the last five years. Besides, positive trend in equity market supported the rupee. However, gains were capped as investors remained cautious with Centre for Monitoring Indian Economy’s report which highlighted that India’s unemployment rate rose to 8.5% in October 2019, the highest level since August 2016. On the global front, euro edged down on Monday as investors awaited Christine Lagarde’s first speech as European Central Bank president, but hopes that the United States may choose not to impose tariffs on auto imports kept it near its highest level in weeks.
Finally, the rupee ended at 70.77, 4 paise stronger from its previous close of 70.81 on Friday. The currency touched a high and low of 70.81 and 70.55 respectively. The reference rate for the dollar stood at 70.87 and for Euro stood at 79.11 on October 31, 2019. While the reference rate for the Yen stood at 65.65, the reference rate for the Great Britain Pound (GBP) stood at 91.84.
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