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Rupee halts 3-day slide; ends stronger against dollar

28 Jan 2020 Evaluate

Halting a three-day slide, Indian rupee ended stronger against dollar on Tuesday, due to increased selling of the American currency by exporters and banks and easing crude oil prices. Traders took support with a private report indicating that Finance Minister Nirmala Sitharaman's first full year Budget is expected to provide short-term stimulants to boost consumer demand, and such measures will get a positive response from markets. However, late hour sell-off in domestic equity market along with dollar’s strength against major global currencies capped the gains. On the global front, dollar held at 8-week high against its rivals on Tuesday as investors focused on the economic fallout from a new coronavirus in China.

Finally, the rupee ended at 71.33, 10 paise stronger from its previous close of 71.43 on Monday. The currency touched a high and low of 71.41 and 71.26 respectively. The reference rate for the dollar stood at 71.39 and for Euro stood at 78.72 on January 27, 2020. While the reference rate for the Yen stood at 65.46, the reference rate for the Great Britain Pound (GBP) stood at 93.24.

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