Indian rupee ended marginally higher for seventh consecutive day against US dollar on Thursday on selling in American currency by banks and exporters. Traders found solace with Piyush Goyal’s statement that the government has carried out a number of reforms in various sectors and it is a continuous process for improvement in the economy. Market participants remained optimistic ahead of GST Council meeting, headed by Finance Minister Nirmala Sitharaman, which is schedule on December 18 in the backdrop of lower-than-expected GST collection and pending compensation to many states. However, upside remain capped as traders stayed on sidelines ahead of Consumer Price Index (CPI) data for November scheduled to be released today. On the global front, pound reached the highest since March as British voters headed to the polls to decide between Conservatives hoping to deliver Brexit in January and a Labour Party promising a second referendum.
Finally, the rupee ended at 70.83, 2 paise stronger from its previous close of 70.85 on Wednesday. The currency touched a high and low of 70.87 and 70.56 respectively. The reference rate for the dollar stood at 70.86 and for Euro stood at 78.58 on December 11, 2019. While the reference rate for the Yen stood at 65.17, the reference rate for the Great Britain Pound (GBP) stood at 93.10.
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