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Rupee rises for second straight day

15 Nov 2019 Evaluate

Indian rupee ended stronger against dollar on Friday, owing to dollar sale by exporters and banks. This was the second day of consecutive gains for the domestic currency. Sentiments remained up-beat with Prime Minister Narendra Modi’s statement that despite recession at the global level, BRICS countries accelerated economic growth, drove millions out of poverty and achieved new breakthroughs in technology and innovation. Some comfort also came with Union Minister Pratap Chandra Sarangi’s statement that the MSME sector plays a crucial role in achieving the Centre's target of making the country $5 trillion economy. Besides, positive trend in equity market supported the rupee. On the global front, dollar edged higher on Friday, as fresh signs of a global economic slowdown and little visible progress toward a Sino-U.S. trade truce put investors in a risk-averse mood.

Finally, the rupee ended at 71.78, 18 paise stronger from its previous close of 71.96 on Thursday. The currency touched a high and low of 71.87 and 71.68 respectively. The reference rate for the dollar stood at 72.05 and for Euro stood at 79.23 on November 14, 2019. While the reference rate for the Yen stood at 66.28, the reference rate for the Great Britain Pound (GBP) stood at 92.42.

 

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