Indian rupee ended higher against dollar on Tuesday due to selling of the American currency by banks and exporters. Rupee got support as provisional data released by the government showed that India’s merchandise exports in October rose 42.33 per cent to $35.47 billion. The exports stood at $24.92 billion in October 2020 and $26.23 billion in October 2019. In another positive development SBI Research’s report stated that the digitisation drive and pandemic-induced emergence of the gig economy have led to a faster formalisation of the economy, with the share of the informal sector shrinking to just 15-20 per cent in 2021 from 52.4 per cent in 2018. On the global front, dollar fell on Tuesday after the Reserve Bank of Australia sounded a more dovish tone than expected, in the first of several meetings of central banks this week.
Finally, the rupee ended 74.68, stronger by 19 paise from its previous close of 74.87 on Monday. The currency touched a high and low of 74.86 and 74.66 respectively.
