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Rupee ends stronger against dollar

26 Nov 2019 Evaluate

Indian rupee ended stronger against dollar on Tuesday, due to increased selling of the American currency by banks and exporters. Traders remained optimistic with a report stating that Prime Minister Narendra Modi is finally attempting to overhaul India’s most controversial labour laws to attract investment and make it easier to do business in a country where changing archaic rules is a challenge for any government. Traders even overlooked credit rating agency India Ratings and Research (Ind-Ra) revised its GDP growth forecast for the current financial year (FY20) to 5.6 per cent. This is the fourth revision and has come in after the agency had revised its FY20 GDP growth forecast only a month ago to 6.1 per cent. On the global front, dollar was stable against yen on Tuesday amid positive signs the China and the U.S. would agree on an interim trade deal.

Finally, the rupee ended at 71.50, 24 paise stronger from its previous close of 71.74 on Monday. The currency touched a high and low of 71.68 and 71.49 respectively. The reference rate for the dollar stood at 71.64 and for Euro stood at 78.99 on November 25, 2019. While the reference rate for the Yen stood at 65.81, the reference rate for the Great Britain Pound (GBP) stood at 92.05.

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