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Rupee ends higher against dollar

08 Dec 2020 Evaluate

Indian rupee ended significantly stronger against dollar on Tuesday due to fresh selling of the American currency by banks and exporters. Sentiments were upbeat with Niti Aayog vice chairman Rajiv Kumar’s statement that the government is committed to improving the ease of doing business and innovation ecosystem where every school student has access to the innovative tools and trends. He also said the Indian economy will be among the top economies in the world in the next few years using science, technology, and innovation in all the sectors, bouncing back soon from the after-effects of coronavirus disease (covid-19) pandemic. Traders took note of report that businesses with up to Rs 5 crore turnover would need to file only eight returns (four GSTR-3B and four GSTR-1 returns) in a year from January onward instead of twelve at present. On the global front; pound was the biggest mover in otherwise quiet trade among the G10 group of currencies on Tuesday, falling broadly as caution grew among investors awaiting the outcome of Brexit trade deal talks that have come down to the wire.

Finally, the rupee ended at 73.60, 30 paise stronger from its previous close of 73.90 on Monday. The currency touched a high and low of 73.83 and 73.59 respectively. The reference rate for the dollar stood at 73.76, and for Euro stood 89.46 on December 07, 2020. While the reference rate for the Yen stood at 70.84, the reference rate for the Great Britain Pound (GBP) stood at 98.93.

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