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Rupee ends marginally higher against dollar on Monday
Nov-23-2020

Indian rupee ended marginally higher against dollar on Monday, on selling of the American currency by exporters. Traders were taking support with Fitch Ratings stating that the government's coronavirus pandemic-driven renewed reform agenda has the potential to raise India's medium-term growth rate. Some support also came as a senior official of the Ministry of External Affairs said that Atmanirbhar Bharat provides a vision of India's plans to become a $5 trillion economy by promoting 'Make in India - Make for World' and this will happen through an integration with the global economy. However, gains remain capped as investors fret about surging Covid-19 cases worldwide. On the global front, dollar eased on Monday as the prospect of an early rollout of coronavirus vaccines offset concerns about economic restrictions to control the spread of the virus, favouring risk assets for the moment.

Finally, the rupee ended at 74.11, 5 paise stronger from its previous close of 74.16 on Friday. The currency touched a high and low of 74.22 and 74.04 respectively. The reference rate for the dollar stood at 74.15, and for Euro stood 88.15 on November 20, 2020. While the reference rate for the Yen stood at 71.47, the reference rate for the Great Britain Pound (GBP) stood at 98.49.

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