Indian rupee ended marginally higher on Tuesday on selling of dollars by banks and exporters. Local currency got some support with report that India is expected to see M&A deals of over $52 billion in 2019 as mergers and acquisitions in the country are expected to remain stable despite global headwinds. However, further upward move got restricted with SBI report stating that India's Gross Domestic Product (GDP) growth is likely to slow further in the July-September quarter of this financial year to below 5 per cent amid decline in consumption, weak investments and an under-performing service sector. On the global front, US dollar advanced against the yen on Tuesday thanks to growing optimism the United States and China are on the verge of reaching a preliminary agreement to scale back their bruising trade war.
Finally, the rupee ended at 70.69, 8 paise stronger from its previous close of 70.77 on Monday. The currency touched a high and low of 70.81 and 70.65 respectively. The reference rate for the dollar stood at 70.68 and for Euro stood at 78.93 on November 4, 2019. While the reference rate for the Yen stood at 65.30, the reference rate for the Great Britain Pound (GBP) stood at 91.41.
