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Rupee snaps 4-day depreciating streak on Thursday
Jan-17-2019

Snapping four days depreciating streak, Indian rupee ended higher against dollar on Thursday, on persistent selling of the American currency by exporters. Sentiments turned optimistic as a working group of the Commerce and Industry Ministry came out with a blueprint suggesting a host of long and short-term measures to increase the size of India's economy to $ 5 trillion by 2025. It also added that India’s potential to achieve a $5 trillion GDP by 2024-25 is within the realm of possibility. Some support also came with a report that Consumer Sentiment Index rebounded in January on account of easing inflation, increasing liquidity and stabilizing US-China trade war. India Primary Consumer Sentiment Index has risen over the previous month of November, signaling rising optimism going ahead. On the global front, dollar took a breather on Thursday following its recent strong gains against key rivals, while sterling steadied after British Prime Minister Theresa May's government won a no-confidence vote in parliament.

Finally, the rupee ended at 71.03, 21 paise stronger from its previous close of 71.24 on Wednesday. The currency touched a high and low of 71.40 and 70.92 respectively. The reference rate for the dollar stood at 71.34 and for Euro stood at 81.25 on January 17, 2019. While the reference rate for the Yen stood at 65.51, the reference rate for the Great Britain Pound (GBP) stood at 91.86.

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