News Analysis

Rupee ends unchanged on Tuesday

Updated on 03 December 2019 05:27 PM

Indian rupee ended unchanged compared to its previous close, as investors remained cautious ahead of the Reserve Bank of India's bi-monthly monetary policy meeting starting today, while the decision will be out on December 5. Some concern also came as Crisil sharply cut India’s Gross domestic product (GDP) growth forecast to 5.1% for the current financial year (FY20) from an earlier estimate of 6.3%. However, traders took some support with Finance Minister Nirmala Sitharaman’s statement that the government is open to further reforms for making India a more attractive investment destination. She also said the government has taken various steps, including reduction of corporate tax. On the global front, euro and Japanese yen on Tuesday largely held gains made against the dollar this week after disappointing manufacturing data and signs of new fronts in US President Donald Trump's trade war rattled greenback investors.

Finally, the rupee ended unchanged from its previous close of 71.66 on Monday. The currency touched a high and low of 71.79 and 71.52 respectively. The reference rate for the dollar stood at 71.72 and for Euro stood at 79.02 on December 2, 2019. While the reference rate for the Yen stood at 65.41, the reference rate for the Great Britain Pound (GBP) stood at 92.64.