Extending its gains for second consecutive session, Indian rupee ended marginally stronger against dollar on Friday on increased selling of the US currency by banks and exporters. Sentiments got some support with Economic Affairs Secretary Shaktikanta Das’ statement that the Finance Ministry is hoping that the prices of pulses will now be contained and help keep inflation under check due to the higher minimum support price for pulses. Also the government has decided to introduce the GST Bill on the first working day of the monsoon session of Parliament, in what could be a sign of its confidence that it can notch up the numbers for the long-pending legislation. However, investors remained cautious ahead of the crucial U.S. jobs report due out later in the day for clues on the trajectory of U.S. interest rates. The data are expected to show solid job creation in June, but worries over the world economy following Britain's vote to leave the European Union and a deepening crisis in Italian banks continue to sour investor sentiment globally.On the global front, Japanese shares fell sharply against dollar as investors contended with a stronger yen and disappointing readings on labor cash earnings as well as nominal wage growth.
Finally the rupee ended at 67.37, 2 paise stronger from its previous close of 67.39 on Thursday. The currency touched a high and low of 67.50 and 67.30 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.45 and for Euro stood at 74.71 on July 8, 2016. While, the RBI’s reference rate for the Yen stood at 67.15, the reference rate for the Great Britain Pound (GBP) stood at 87.3182. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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