News Analysis

Rupee logs fifth straight gain on Monday

Updated on 11 February 2019 05:27 PM

Extending gains for the fifth straight session, Indian rupee ended higher against dollar on Monday, on persistent selling of the American currency by banks and exporters. Investor sentiment was supported with Prime Minister Narendra Modi exuding confidence that India would continue to be the fastest-growing large economy, and could be the second-largest economy in the world by 2030. Some comfort also came after the commerce ministry stated that India's exports to China has reached $12.7 billion during April-December 2018 on account of growth in shipments of marine products, chemicals, plastics, petroleum products, grapes and rice. However, dollar’s strength against major global currencies overseas along with the weak trade in the local equity market capped the rupee’s gain. On the global front, dollar rose on Monday as concerns grew that U.S.-China talks this week would not heal a rift over trade between the world's largest economies.

Finally, the rupee ended at 71.18, 13 paise stronger from its previous close of 71.31 on Friday. The currency touched a high and low of 71.28 and 71.09 respectively. The reference rate for the dollar stood at 71.16 and for Euro stood at 80.58 on February 11, 2019. While the reference rate for the Yen stood at 64.71, the reference rate for the Great Britain Pound (GBP) stood at 92.02.