Indian rupee ended weaker against the US dollar on Wednesday tracking decline in other emerging market currencies, after the dollar pared losses as early results in the U.S. presidential election showed a very tight race. Democratic candidate Joe Biden has secured 238 electoral votes so far, while Donald Trump has won 213. A candidate needs to win 270 electoral votes to capture the presidency. Adding pessimism, Commerce Ministry in its latest data has showed that India’s merchandise exports fell by 5.4 percent to $24.82 billion in October 2020 as compared to $26.23 billion in the same month a year ago, on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Exports during April- October 2020-21 were $150.07 billion, exhibiting a negative growth of 19.05 percent over the same period last year. On the global front, U.S. dollar jumped and riskier currencies wilted on Wednesday as early results in the presidential election showed a tight race, surprising currency investors who had been betting on a decisive victory for Democrat Joe Biden.
Finally, the rupee ended at 74.76, 35 paise weaker from its previous close of 74.41 on Tuesday. The currency touched a high and low of 74.90 and 74.57 respectively. The reference rate for the dollar stood at 74.32 and for Euro stood 86.65 on November 03, 2020. While the reference rate for the Yen stood at 70.98, the reference rate for the Great Britain Pound (GBP) stood at 96.09.
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