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Rupee ends higher on Monday

29 Jun 2020 Evaluate

Indian rupee ended higher against dollar on Monday, owing to dollar sale by exporters and banks. Besides, the dollar losing muscle against other currencies overseas too helped the domestic currency. However, gain remain capped as S&P Global Ratings in its report titled 'Asia-Pacific losses near $3 trillion as balance sheet recession looms’ has said Indian economy is in deep trouble with growth expected to contract by 5 percent in this year before rebounding in 2021 on account of difficulties in containing the virus, an anemic policy response, and underlying vulnerabilities, especially across the financial sector. On the global front; dollar struggled to make headway on Monday, and riskier currencies inched ahead, as investor sentiment swung between hopes for a global economic recovery and fears that a fresh wave of coronavirus cases could undermine the revival.

Finally, the rupee ended at 75.58, 7 paise stronger from its previous close of 75.65 on Friday. The currency touched a high and low of 75.64 and 75.52 respectively. The reference rate for the dollar stood at 75.47 and for Euro stood at 84.62 on June 26, 2020. While the reference rate for the Yen stood at 70.47, the reference rate for the Great Britain Pound (GBP) stood at 93.71.

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