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Rupee ends marginally higher against dollar
Jan-15-2020

Indian rupee pared its early losses to settle marginally higher against dollar on Wednesday on selling of dollars by banks and exporters. Traders took some support with report that new FICCI President Sangita Reddy has urged the government not to worry too much about the fiscal deficit and try to pump the economy by increasing investments to arrest slowdown and accelerate growth. However, gains remain capped as anxiety remained among the traders with a private report stating that a spike in India's retail inflation in December has raised the chances that the Reserve Bank of India (RBI) will put rate cuts on hold for some time despite economic growth languishing at more than six-year lows. As per the report, the RBI's monetary policy committee (MPC) may even change its stance from accommodative to neutral at its February meeting. On the global front, sterling pound fell against US dollar on Wednesday following the release of disappointing UK inflation data in the early London session. 

Finally, the rupee ended at 70.82, 5 paise stronger from its previous close of 70.87 on Tuesday. The currency touched a high and low of 71.01 and 70.80 respectively. The reference rate for the dollar stood at 70.92 and for Euro stood at 78.98 on January 14, 2020. While the reference rate for the Yen stood at 64.43, the reference rate for the Great Britain Pound (GBP) stood at 92.13.

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