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Rupee ends marginally higher against dollar
Dec-06-2019

Erasing all of its initial losses, Indian rupee ended marginally higher against dollar on Friday on selling of dollars by banks and exporters. Traders took some support with Reserve Bank of India (RBI) Governor Shaktikanta Das indicating that the government may come up with some countercyclical policy measures on the fiscal side to revive growth. However, further upward move got restricted as Federation of Indian Chambers of Commerce and Industry (FICCI) expressed disappointment at the Reserve Bank of India’s (RBI) decision to keep interest rates unchanged and said there is a need for continued action on the policy rate front to boost growth. On the global front, euro was steady against dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around US-China trade relations and hints of weakness in the US economy.

Finally, the rupee ended at 71.20, 9 paise stronger from its previous close of 71.29 on Thursday. The currency touched a high and low of 71.43 and 71.19 respectively. The reference rate for the dollar stood at 71.54 and for Euro stood at 79.29 on December 05, 2019. While the reference rate for the Yen stood at 65.76, the reference rate for the Great Britain Pound (GBP) stood at 93.81. 

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