Indian rupee trimmed most of its early gains but managed to end marginally higher against the American currency on Monday, due to selling of the US currency by exporters and banks. Traders took some support with the Reserve Bank of India (RBI) Governor Shaktikanta Das’ statement that the Indian economy has started showing signs of going back to normalcy. He added that post containment of COVID-19, a very careful trajectory has to be followed in orderly unwinding of countercyclical regulatory measures. On the global front, dollar edged lower on Monday as investors looked to incoming global economic data and U.S. corporate earnings to gauge whether the markets’ guarded optimism on the economic outlook is justified.
Finally, the rupee ended at 75.19, 1 paise stronger from its previous close of 75.20 on Friday. The currency touched a high and low of 75.21 and 75.08 respectively. The reference rate for the dollar stood at 75.28 and for Euro stood at 84.79 on July 10, 2020. While the reference rate for the Yen stood at 70.46, the reference rate for the Great Britain Pound (GBP) stood at 94.76.
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