Indian rupee ended stronger against dollar on Wednesday due to fresh selling of the American currency by banks and exporters. Traders mood were upbeat as S&P Global Ratings raised India’s growth projection for the current fiscal to (-) 7.7 percent from (-) 9 percent estimated earlier on rising demand and falling COVID infection rates. Adding optimism, investments through participatory notes (P-notes) in the Indian capital market surged to a 27-month high of Rs 83,114 crore at November-end driven by continued liquidity and improvement in second quarter corporate earnings. Traders shrugged off report that India's exports dipped 8.74 percent on a yearly basis in November to $23.52 billion on account of contraction in shipments of key sectors. On the global front, euro zone survey figures and hopes of progress on Brexit negotiations pushed the euro versus U.S. dollar on Wednesday for the first time since April 2018.
Finally, the rupee ended at 73.58, 5 paise stronger from its previous close of 73.63 on Tuesday. The currency touched a high and low of 73.60 and 73.48 respectively. The reference rate for the dollar stood at 73.65, and for Euro stood 89.50 on December 15, 2020. While the reference rate for the Yen stood at 70.76, the reference rate for the Great Britain Pound (GBP) stood at 98.24.
