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Rupee ends tad higher on Wednesday
Jun-19-2019

Indian rupee, after making a good start, gave away most of its gains to end marginally higher against dollar on Wednesday, driven by weakening of the greenback in overseas markets. Investors took note of private report that seven million jobs were formalised between 2015 and 2018 because of various measures, including GST, demonetisation, Skill India policies, fixed-term contract, maternity leave enhancement, among others. The report estimated job formalisation to the tune of 11 million between 2018 and 2021. On the global front, dollar weakened against main rivals on Wednesday as investors waited to see whether the U.S. Federal Reserve would sound as dovish on future interest rate cuts and stimulus as the European Central Bank.

Finally, the rupee ended at 69.68, 2 paise stronger from its previous close of 69.70 on Tuesday. The currency touched a high and low of 69.79 and 69.49 respectively. The reference rate for the dollar stood at 69.80 and for Euro stood at 78.42 on June 18, 2019. While the reference rate for the Yen stood at 64.47, the reference rate for the Great Britain Pound (GBP) stood at 87.46.

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