HOME > MARKETS > DEBT MARKET
  DEBT MARKET
MONEY MARKETS
Rupee snaps two-day winning streak
Mar-04-2021

Snapping two-day winning streak, Indian rupee ended lower against dollar on Thursday weighed down by a rebound in the US dollar and lackluster trade in domestic equities. Investors maintained a cautious approach despite report that Piyush Goyal stressed on improving Indian quality standards to ensure that India is recognised as a quality-conscious country with which people can do business with confidence. He called for more and more use of artificial intelligence, big data and other technology-related solutions to help resolve standardisation issues facing industry and other entrepreneurs. Meanwhile, endorsing the RBI’s view that inflation tolerance band of 4 (+/-2)% should be retained, Niti Aayog vice-chairman Rajiv Kumar said the band serves the purpose and should be retained for the next five years. On the global front, dollar hit a seven-month high against the yen on Thursday as a more orderly rise in U.S. Treasury yields lent support ahead of a speech by Federal Reserve Chairman Jerome Powell that may determine the trend for global bond markets and currencies.

Finally, the rupee ended at 72.83, 11 paise weaker from its previous close of 72.72 on Wednesday. The currency touched a high and low of 72.99 and 72.62 respectively. The reference rate for the dollar stood at 73.06, and for Euro stood 88.28 on March 03, 2021. While the reference rate for the Yen stood at 68.37, the reference rate for the Great Britain Pound (GBP) stood at 101.87.

  RELATED NEWS >>