News Analysis

Rupee ends marginally up against dollar; macro-economic data eyed

Updated on 12 June 2019 05:18 PM

Indian rupee ended marginally higher against dollar on Wednesday, owing to dollar sale by exporters and banks. Traders took a note of report that the Economic Advisory Council to the PM refuted the claims of former CEA Arvind Subramanian regarding overestimation of GDP numbers and said it will come out with a point-by-point rebuttal in due course. Moreover, dollar losing sheen against some other currencies overseas too supported the rupee. However, gains were limited as investors preferred to remain on sidelines ahead of key economic data -- April IIP and May CPI, to be announced after the market hours. On the global front, dollar edged lower for a second consecutive day on Wednesday on growing expectations of a US rate cut next week while high-yielding currencies suffered due to ongoing trade tensions.

Finally, the rupee ended at 69.34, 9 paise stronger from its previous close of 69.44 on Tuesday. The currency touched a high and low of 69.44 and 69.28 respectively. The reference rate for the dollar stood at 69.42 and for Euro stood at 78.57 on June 11, 2019. While the reference rate for the Yen stood at 63.90, the reference rate for the Great Britain Pound (GBP) stood at 88.03.