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Rupee snaps 3-day fall on Tuesday
Jun-18-2019

Snapping three day falling streak, Indian rupee staged a smart recovery against dollar on Tuesday, following heavy dollar selling from banks and exporters. Sentiments turned optimistic with Niti Aayog CEO Amitabh Kant’s statement that circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs. Traders overlooked Fitch lowered India's growth forecast to 6.6 per cent for the current fiscal from 6.8 per cent projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year. Fall in crude oil prices also supported the rupee. On the global front, dollar pulled back from multi-week highs ahead of the U.S. Federal Reserve's two-day monetary policy meeting.

Finally, the rupee ended at 69.70, 21 paise stronger from its previous close of 69.91 on Monday. The currency touched a high and low of 69.87 and 69.63 respectively. The reference rate for the dollar stood at 69.83 and for Euro stood at 78.27 on June 17, 2019. While the reference rate for the Yen stood at 64.31, the reference rate for the Great Britain Pound (GBP) stood at 87.88.

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