Rising for the fifth consecutive day, Indian rupee ended marginally higher against dollar on Tuesday, on continued selling of the American currency by exporters and banks and easing crude oil prices. Sentiments remained buoyant with Chief Economic Advisor KV Subramanian’s statement that the current slowdown in the Indian economy is more cyclical than structural in nature and the government has a well-thought-out agenda for reforms. He noted that the country's potential growth remains unaltered and things will improve soon. Besides, dollar’s weakness against some currencies overseas supported the rupee. However, gains remain capped as anxiety remained among the traders with a private report indicating that India is expected to witness a marginal 7 per cent rise in job creation in the October-March period of this financial year, as subdued economic conditions have dampened employment outlook. On the global front, dollar and yen held the safe-haven high ground on Tuesday, with investors on edge ahead of a looming tariff deadline, the United Kingdom (UK) elections and upcoming central bank meetings in Europe and the United States (US).
Finally, the rupee ended at 70.92, 12 paise stronger from its previous close of 71.04 on Monday. The currency touched a high and low of 71.04 and 70.85 respectively. The reference rate for the dollar stood at 71.16 and for Euro stood at 78.71 on December 09, 2019. While the reference rate for the Yen stood at 65.54, the reference rate for the Great Britain Pound (GBP) stood at 93.74.
