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Rupee ends higher for third straight session

23 Feb 2021 Evaluate

Continuing previous session gains, Indian rupee ended marginally higher against dollar on Tuesday, owing to dollar sale by exporters and banks. This was the third consecutive session when the rupee was traded higher against dollar. Upside remain capped as investment through participatory notes (P-notes) in the Indian capital market dipped marginally to Rs 84,976 crore as on January 31 after hitting 31-month high value at the end of the preceding month. At December-end, the investment through such instruments had risen to a 31-month high of Rs 87,132 crore, reflecting the bullish stance of FPIs. On the global front, dollar touched its lowest since January 13 as investors shifted focus to how U.S. Federal Reserve chief Jerome Powell might respond to expectations of resurgent inflation, while commodity-linked currencies hovered near multi-year highs.

Finally, the rupee ended at 72.46, 3 paise stronger from its previous close of 72.49 on Monday. The currency touched a high and low of 72.46 and 72.31 respectively. The reference rate for the dollar stood at 72.36, and for Euro stood 87.71 on February 22, 2021. While the reference rate for the Yen stood at 68.50, the reference rate for the Great Britain Pound (GBP) stood at 101.42.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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