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Indian rupee ends stronger against dollar

05 Aug 2020 Evaluate

Indian rupee ended stronger against dollar on Wednesday due to fresh selling of the American currency by banks and exporters. Sentiments were positive with Commerce and Industry Minister Piyush Goyal's statement that the country’s exports have showed signs of significant improvement and reached almost the level of the corresponding month last year in July 2020. Some support also came with the Department of Economic Affairs’ monthly macroeconomic report stating that the worst may now be over for India and the road ahead will take the economy back on the track. On the global front; dollar remained weak on Wednesday as a U.S. coronavirus relief package stalled in Congress and U.S. bond yields sank, with investors weighing prospects of further monetary easing to support the economy.

Finally, the rupee ended at 74.94, 10 paise stronger from its previous close of 75.04 on Tuesday. The currency touched a high and low of 74.95 and 74.83 respectively. The reference rate for the dollar stood at 75.08 and for Euro stood at 88.36 on August 04, 2020. While the reference rate for the Yen stood at 70.77, the reference rate for the Great Britain Pound (GBP) stood at 98.12.

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