Indian rupee gave away most of its gains to end marginally higher against dollar on Tuesday, driven by weakening of the greenback in overseas markets. Traders found some solace with Commerce and Industry Minister Piyush Goyal’s statement that the country is well poised to attract investments that wish to move out of China. He said the tax reforms introduced by the government recently will ensure investments come back to India. But most of the gains were trimmed as Moody's Investors Service has lowered Gross Domestic Product (GDP) growth projection for the country to 4.9% from 5.8% for the fiscal year 2019-20 (FY20). On the global front, British pound slumped against the U.S. dollar on Tuesday, following media reports that UK Prime Minister Boris Johnson was taking a hard line on Britain’s transition period for leaving the European Union.
Finally, the rupee ended at 70.98, 2 paise stronger from its previous close of 71.00 on Monday. The currency touched a high and low of 71.02 and 70.87 respectively. The reference rate for the dollar stood at 70.94 and for Euro stood at 79.00 on December 16, 2019. While the reference rate for the Yen stood at 64.85, the reference rate for the Great Britain Pound (GBP) stood at 94.96.
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