Indian rupee ended marginally higher against dollar on Tuesday, on selling of the American currency by exporters. Traders remained positive as National Council of Applied Economic Research (NCAER) has said its Business Confidence Index (BCI) rose 41.1 per cent in the July-September 2020 period. This assumes significance as the GDP slipped by a historic 23.9 per cent in the April-June 2020 quarter, on account of the lockdown imposed by the government to check the spread of coronavirus. The rupee also derived its strength from strong gains in the local equity markets as well as dollar’s weakness against some currencies overseas. On the global front; caution prevailed on foreign exchange markets on Tuesday in the hours ahead of polls opening in the United States as investors braced for possible post-election disputes that could trigger a burst of volatility for the dollar.
Finally, the rupee ended at 74.41, 1 paise stronger from its previous close of 74.42 on Monday. The currency touched a high and low of 74.41 and 74.25 respectively. The reference rate for the dollar stood at 74.32 and for Euro stood 86.48 on November 02, 2020. While the reference rate for the Yen stood at 70.96, the reference rate for the Great Britain Pound (GBP) stood at 95.86.
