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Indian rupee settles stronger against dollar
Oct-27-2020

Indian rupee ended stronger against dollar on Tuesday due to fresh selling of the American currency by banks and exporters. Sentiments were positive with a report that in what could be a healthy sign of economic recovery, goods and services tax (GST) collections recorded in the month of October as it likely to cross Rs 1 lakh crore for the first time this fiscal. However, upside remain capped as exporters have expressed concerns over rising freight charges and shortage of containers as it would impact the country's outbound shipments, and sought Commerce Ministry's intervention in the matter. On the global front, dollar clung to gains on Tuesday, but other safe-haven currencies were mostly quiet as investors sat on the sidelines ahead of next week’s U.S. election, even as worries about a second wave of COVID-19 and economic impact rose.

Finally, the rupee ended at 73.71, 13 paise stronger from its previous close of 73.84 on Monday. The currency touched a high and low of 73.94 and 73.71 respectively. The reference rate for the dollar stood at 73.73 and for Euro stood 87.25 on October 26, 2020. While the reference rate for the Yen stood at 70.30, the reference rate for the Great Britain Pound (GBP) stood at 96.01.

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