Indian rupee ended stronger against dollar on Tuesday due to fresh selling of the American currency by banks and exporters. Sentiments were upbeat with Union Finance Minister Nirmala Sitharaman’s statement that the momentum of reforms will continue in the future as well. She also said ‘All enterprises, MNCs and India Inc., big, medium and small enterprises, are facing a reset exercise in doing business. Adding optimism, Niti Aayog CEO Amitabh Kant has said that unprecedented reforms undertaken on both governance and economic fronts by the government have been quite unprecedented and they will usher in a new era of growth and prosperity. Besides, strong gains in domestic equity markets also helped rupee to trade higher. On the global front, dollar and the euro rose on Tuesday after U.S. President Donald Trump accepted the start of a transition to a Biden regime that may include former Federal Reserve Chair Janet Yellen as Treasury secretary.
Finally, the rupee ended at 74.01, 10 paise stronger from its previous close of 74.11 on Monday. The currency touched a high and low of 74.12 and 73.88 respectively. The reference rate for the dollar stood at 74.14, and for Euro stood 88.06 on November 23, 2020. While the reference rate for the Yen stood at 71.46, the reference rate for the Great Britain Pound (GBP) stood at 98.80.
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