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Rupee concludes higher against dollar
Sep-14-2020

Indian rupee ended higher against dollar on Monday, owing to dollar sale by exporters and banks. Sentiments remained upbeat despite Moody’s Investors Service in its latest report has projected that India’s Gross Domestic Product (GDP) growth rate to contract 11.5% for the financial year 2020-21 (FY21), from (-) 4% estimated earlier. Meanwhile; India’s inflation based on wholesale price index (WPI) surged 0.16% in the month of August, 2020 (over August, 2019) as compared to 1.17% during the corresponding month of the previous year. On the global front; dollar retreated on Monday against major peers as a wave of M&A deals lifted the mood on global equity markets and investors looked ahead to an event-packed week which includes a Fed meeting and the appointment of a new Japanese premier.

Finally, the rupee ended at 73.48, 5 paise stronger from its previous close of 73.53 on Friday. The currency touched a high and low of 73.70 and 73.26 respectively. The reference rate for the dollar stood at 73.47 and for Euro stood 86.96 on September 11, 2020. While the reference rate for the Yen stood at 69.19, the reference rate for the Great Britain Pound (GBP) stood at 94.17.

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