Indian rupee ended higher against dollar on Wednesday, on persistent selling of the American currency by exporters. Traders were energized with PHD Chamber of Commerce and Industry’s EBM Index (Economic and Business Momentum Index) stating that the continuous improvement in the key economic and business indicators signals that the worst is behind us and expectations of positive GDP growth at 0.1 per cent to 2 per cent in Q3 and 2 per cent to 4 per cent in Q4 FY 2020-21 are becoming strong with a higher growth trajectory in FY 2021-22 at 7.7 per cent. The rupee also derived its strength from strong gains in the local equity markets. On the global front, pound firmed on Wednesday after three days of falls as France lifted a partial border blockade aimed at stopping the spread of a fast-spreading new COVID-19 strain, and hopes grew of a post-Brexit trade deal despite discouraging comments from both sides.
Finally, the rupee ended at 73.76, 8 paise stronger from its previous close of 73.84 on Tuesday. The currency touched a high and low of 73.90 and 73.73 respectively. The reference rate for the dollar stood at 73.88, and for Euro stood 90.30 on December 22, 2020. While the reference rate for the Yen stood at 71.45, the reference rate for the Great Britain Pound (GBP) stood at 99.06.
