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Rupee ends marginally higher against dollar
Oct-16-2019

Snapping two day falling streak, Indian rupee ended marginally higher against dollar on Wednesday on selling of dollars by banks and exporters. Traders took support with World Bank’s report that India has halved its poverty rate since the 1990s and achieved a seven plus growth rate over the last 15 years. India is both critical to the success of global development efforts, including eliminating extreme poverty, and as an influential leader for global goods. However, gains remain capped as the International Monetary Fund (IMF) cut India’s GDP growth projection for the year 2019 to 6.1%, which is 1.2% down from its April projections and noted that the Indian economy is expected to pick up the next year at 7.0 % in 2020. On the global front, dollar headed towards a four-week low against its rivals on Wednesday on concerns that elevated trade tensions between Washington and Beijing will continue to weigh on the global growth outlook.

Finally, the rupee ended at 71.43, 11 paise stronger from its previous close of 71.54 on Tuesday. The currency touched a high and low of 71.71 and 71.36 respectively. The reference rate for the dollar stood at 71.31 and for Euro stood at 78.74 on October 15, 2019. While the reference rate for the Yen stood at 65.82, the reference rate for the Great Britain Pound (GBP) stood at 90.41.

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