Rupee appreciates for fourth straight session against greenback

24 Feb 2021 Evaluate

Indian rupee ended higher against dollar on Wednesday as traders mood were upbeat as commerce ministry in its latest report has showed that India's exports to China has increased by 16.15 per cent to $20.87 billion in 2020 from $17.9 billion in the previous year on account of healthy growth in the shipments of ores, iron and steel, aluminum and copper. Adding optimism, private report stated that India's GDP may turn positive at 1.3 percent in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus pandemic, as the number of cases is falling and public spending has started rising. Meanwhile, India and Mauritius have signed a free trade agreement, under which over 300 domestic goods from agriculture, textiles, electronics and other sectors will get market access at concessional customs duties in the African nation. On the global front; dollar remained at multi-year lows against the Antipodean currencies and held near a one-month low versus the euro as reflation trades gripped the currency markets on Wednesday.

Finally, the rupee ended at 72.35, 11 paise stronger from its previous close of 72.46 on Tuesday. The currency touched a high and low of 72.41 and 72.26 respectively. The reference rate for the dollar stood at 72.37, and for Euro stood 88.05 on February 23, 2021. While the reference rate for the Yen stood at 68.86, the reference rate for the Great Britain Pound (GBP) stood at 101.80.