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Rupee ends stronger along with equities
Oct-17-2019

In line with equity market, Indian rupee ended stronger against dollar on Thursday, due to increased selling of the American currency by banks and exporters. Local currency got support with Finance minister Nirmala Sitharaman’s statement that more reforms are on the anvil this fiscal to boost growth as fresh economic data and subdued corporate earnings point to a deeper economic downturn. Traders also took a note of report that Chief Economic Advisor (CEA) K V Subramanian called upon the industry to start making investments, stressing that the fundamentals of Indian economy are ‘very very strong’. He noted that fundamentals of the economy have not changed and it would be back on the 7-8 percent growth path. Besides, the dollar losing muscle against other currencies overseas helped the domestic currency rebound. On the global front, euro rallied to its highest levels in nearly two months against the dollar on Thursday after the European Union and Britain struck a Brexit deal.

Finally, the rupee ended at 71.16, 27 paise stronger from its previous close of 71.43 on Wednesday. The currency touched a high and low of 71.47 and 71.14 respectively. The reference rate for the dollar stood at 71.50 and for Euro stood at 79.01 on October 16, 2019. While the reference rate for the Yen stood at 65.77, the reference rate for the Great Britain Pound (GBP) stood at 91.35.

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