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Rupee ends higher against dollar
Jan-20-2021

Indian rupee continued its upward momentum for the second day and ended fairly higher against US dollar on Wednesday, on the back of selling of the American currency by exporters. Besides, healthy gains in domestic equity markets also provided support to the rupee. Sentiments were upbeat with report stating that the ongoing key reforms such as sops for manufacturing, easier labour laws, wooing FDI inflows and privatisation will help improve productivity and support long-term growth at 7.5-8 per cent levels, which if played out well, can help India contribute 15 per cent of global GDP growth by FY2026. Traders were also energized as investment through participatory notes (P-notes) in the domestic capital market rose to a 31-month high of Rs 87,132 crore at December-end, reflecting the bullish stance of FPIs. On the global front, pound rose against both the dollar and euro on Wednesday, helped by a weaker dollar, while inflation data showed UK prices picked up in December.

Finally, the rupee ended at 73.05, 12 paise stronger from its previous close of 73.17 on Monday. The currency touched a high and low of 73.14 and 73.05 respectively. The reference rate for the dollar stood at 73.18, and for Euro stood 88.51 on January 19, 2021. While the reference rate for the Yen stood at 70.35, the reference rate for the Great Britain Pound (GBP) stood at 99.56.

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