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Rupee snaps 3-day fall on Thursday
Nov-14-2019

Snapping three day falling streak, Indian rupee staged a smart recovery against dollar on Thursday, following heavy dollar selling from banks and exporters. Sentiments turned optimistic with reports that India’s Wholesale price index (WPI) inflation again eased to 0.16% in the month of October 2019 as against 0.33% for the previous month and 5.54% during the corresponding month of the previous year. Traders overlooked Moody's Investors Service report stating that it cut India's economic growth forecast for current year to 5.6 per cent from 5.8 per cent estimated earlier, saying GDP slowdown is lasting longer than previously expected.  On the global front, pound was flat against the euro and dollar on Thursday as investors await signs of how next month’s general election could play out.

Finally, the rupee ended at 71.96, 13 paise stronger from its previous close of 72.09 on Wednesday. The currency touched a high and low of 72.24 and 71.85 respectively. The reference rate for the dollar stood at 71.70 and for Euro stood at 78.97 on November 13, 2019. While the reference rate for the Yen stood at 65.74, the reference rate for the Great Britain Pound (GBP) stood at 92.17.

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