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Rupee ends higher for fourth straight session against dollar

25 Nov 2020 Evaluate

Indian rupee ended higher for fourth straight session against dollar on Wednesday, on persistent selling of the American currency by exporters amid optimism about coronavirus vaccines. Sentiments also got boost after Nilesh Shah, a part-time member of the economic advisory council to the Prime Minister, said the GDP contraction will improve to higher single digits in the September quarter, and the economy will be back to positive growth by the March quarter. Traders paid no heed toward, S&P Global Ratings’ statement that non-performing loans in the Indian banking sector is likely to witness an uptick and may shoot up to 11 per cent of gross loans in the next 12-18 months. On the global front; dollar nursed losses on Wednesday as progress in developing a novel coronavirus vaccine and expectations for a fiscal boost from a new U.S. government triggered a shift of funds from the greenback to riskier assets.

Finally, the rupee ended at 73.91, 10 paise stronger from its previous close of 74.01 on Tuesday. The currency touched a high and low of 74.02 and 73.88 respectively. The reference rate for the dollar stood at 73.97, and for Euro stood 87.69 on November 24, 2020. While the reference rate for the Yen stood at 70.86, the reference rate for the Great Britain Pound (GBP) stood at 98.69.

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