Indian rupee ends tad lower against dollar

11 Feb 2021 Evaluate

Indian rupee ended marginally lower against the US dollar on Thursday, on increased demand for the greenback from importers and banks. Investors were concerned with Fitch Ratings’ statement that India's high fiscal deficit would pose a challenge in lowering the debt to GDP ratio, which is expected to rise above 90 percent in the next five years. It said the country entered the coronavirus disease (covid-19) pandemic with little fiscal headroom from a rating perspective. However, downfall remain capped as DIPAM Secretary Tuhin Kanta Pandey stated that the new PSE policy announced by the government has opened a host of opportunities for the private players who now partake in India's growth story by buying the brownfield assets of public sector enterprises at an attractive valuation. On the global front, IHS Markit’s report states that the trading in euro-denominated swaps has fallen sharply in London since Brexit, with volumes moving to New York, Amsterdam and Paris, financial data company. EU platforms accounted for a quarter of the euro swaps market in January, up from just 10% in July last year

Finally, the rupee ended at 72.87, 3 paise weaker from its previous close of 72.84 on Wednesday. The currency touched a high and low of 72.87 and 72.65 respectively. The reference rate for the dollar stood at 72.84, and for Euro stood 88.32 on February 10, 2021. While the reference rate for the Yen stood at 69.66, the reference rate for the Great Britain Pound (GBP) stood at 100.68.

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