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Indian rupee ends tad lower against dollar

10 Nov 2020 Evaluate

Indian rupee ended weaker against the US dollar on Tuesday, on increased demand for the greenback from importers and banks. Sentiments remained fragile despite report that India’s exports showed signs of improvement with growth of 22.47 per cent year-on-year to $6.75 billion in the first week of November. The exports during the first week of November last year was $5.51 billion. Meanwhile, SBI Research in its latest report has said a number of green shoots are visible in the economy five months after easing restrictions. Further, the report said that assuming that India escapes a second wave, the pandemic will subside by February 2021.On the global front; dollar edged down slightly on Tuesday and the Japanese yen recovered some of the previous session’s losses after news of progress towards a COVID-19 vaccine boosted risk appetite in global markets.

Finally, the rupee ended at 74.18, 3 paise weaker from its previous close of 74.15 on Monday. The currency touched a high and low of 74.30 and 74.02 respectively. The reference rate for the dollar stood at 73.92 and for Euro stood 87.88 on November 09, 2020. While the reference rate for the Yen stood at 71.41, the reference rate for the Great Britain Pound (GBP) stood at 97.40.

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