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Rupee ends marginally higher against dollar
Dec-02-2019

Snapping two day falling streak, Indian rupee ended marginally higher against dollar on Monday on selling of dollars by banks and exporters. Traders took some support with Finance minister Nirmala Sitharaman’s statement that several significant steps in structural reforms have been taken in the past few months and responses/interventions addressing the needs of the economy will continue, indicating more relief measures could be on the anvil if so needed. However, gains remain capped as anxiety remained among the traders with data showing that the Gross Domestic Product (GDP) growth for the second quarter (July-September) of the financial year 2019-20 dropped to 4.5%, the weakest pace in more than six years, due to weak consumer demand, slowing factory activities and negative impacts of the prolonged monsoon. On the global front, British pound edged lower against the dollar on Monday as polls showed a tightening UK election race, while an unexpected rebound in Chinese manufacturing supported risk appetite.

Finally, the rupee ended at 71.66, 8 paise stronger from its previous close of 71.74 on Friday. The currency touched a high and low of 71.81 and 71.62 respectively. The reference rate for the dollar stood at 71.72 and for Euro stood at 78.97 on November 29, 2019. While the reference rate for the Yen stood at 65.51, the reference rate for the Great Britain Pound (GBP) stood at 92.66.

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