Snapping its five-day winning streak, Indian rupee ended almost flat against dollar on Tuesday, as rising crude oil prices kept investors edgy. Traders also remained wary as India’s retail inflation spiked to five year high. India's retail inflation spiked to a five-year high in December, breaching the upper end of the RBI's 2-6 percent target for the first time since July 2016. Inflation increased notably to 7.35 percent from 5.54 percent in November, driven by higher food prices. Also, wholesale prices based inflation surged to 2.59 per cent in December, as against 0.58 per cent in November due to increase in prices of food articles like onion and potato. On the global front, euro fell on Tuesday as investors locked in some gains after a recent record-setting rally ahead of the signing of an initial U.S.-China trade truce.
Finally, the rupee ended at 70.87, 1 paise weaker from its previous close of 70.86 on Monday. The currency touched a high and low of 70.96 and 70.78 respectively. The reference rate for the dollar stood at 70.81 and for Euro stood at 78.80 on January 13, 2020. While the reference rate for the Yen stood at 64.59, the reference rate for the Great Britain Pound (GBP) stood at 92.25.
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