Indian rupee ended marginally stronger against dollar on Friday on account of selling of American currency from exporters and banks. Besides, gains in the local equity market supported the domestic currency. On the economic front, India's merchandise exports contracted for the 10th month in a row, declined by 24.33 percent in September to $21.84 billion. Though, the imports too shrank 25.42 percent to $32.32 billion in September on yearly basis, thus narrowing the trade gap to 10.47 billion from $ 14.47 billion recorded in the same month of 2014. On the global front, dollar pulled away from seven-week lows, after better-than-expected U.S. inflation data kept alive the hopes that the Federal Reserve would raise interest rates this year.
Finally, the rupee ended at 64.81, 1 paise stronger from its previous close of 64.82 on Thursday. The currency touched a high and low of 65.02 and 64.81 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.96 and for Euro stood at 73.99 on October 16, 2015. While, the RBI’s reference rate for the Yen stood at 54.54 the reference rate for the Great Britain Pound (GBP) stood at 100.5536. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
