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Rupee ends marginally higher against dollar
Nov-19-2019

Indian rupee ended marginally higher on Tuesday on selling of dollars by banks and exporters. Local currency got some support with Union Minister Anurag Thakur’s statement that India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world. Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries. Besides, positive trend in equity market also supported the rupee. However, further gains were restricted as some concern came with a private report indicating that India’s real Gross Domestic Product (GDP) growth is likely to average at 5 per cent in calendar year 2019, as against 7.4 per cent last year, before picking up to 6.3 per cent in 2020 and 6.8 per cent the next year. On the global front, dollar fell against yen on Tuesday as receding hopes for a preliminary trade deal between the United States and China hurt demand for the greenback.

Finally, the rupee ended at 71.71, 13 paise stronger from its previous close of 71.84 on Monday. The currency touched a high and low of 72.00 and 71.68 respectively. The reference rate for the dollar stood at 71.71 and for Euro stood at 79.31 on November 18, 2019. While the reference rate for the Yen stood at 65.89, the reference rate for the Great Britain Pound (GBP) stood at 92.70.

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