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Rupee ends tad higher against dollar
Sep-23-2020

Indian rupee ended marginally higher against dollar on Wednesday, on persistent selling of the American currency by exporters. Traders remained positive with Industry body the Confederation of Indian Industry’s (CII) statement that the government should extend the export incentive scheme Merchandise Exports from India Scheme (MEIS) till December 31 in its present form to help exporters. The extension will help address the accounting problem of exporters as they can book the receivables under the Merchandise Exports from India Scheme in the current financial year. However, upside remained capped with United Nations Conference on Trade and Development (UNCTAD) stating that the contraction in the Indian economy due to the pandemic-led disruptions may disappear next year, but it can cause some irreversible damage to the economy. On the global front; US dollar rose against major currencies on Wednesday, supported by positive US economic data and concerns about a second wave of coronavirus infections in Europe and Britain.

Finally, the rupee ended at 73.57, 1 paise stronger from its previous close of 73.58 on Tuesday. The currency touched a high and low of 73.63 and 73.49 respectively. The reference rate for the dollar stood at 73.49 and for Euro stood 86.29 on September 22, 2020. While the reference rate for the Yen stood at 70.25, the reference rate for the Great Britain Pound (GBP) stood at 93.97.

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