Indian rupee ended stronger against dollar on Friday due to selling of American currency by banks and exporters. Sentiment got some support with a private poll stating that India's economy will hum along at a solid pace for the remainder of this fiscal year provided structural reforms are passed, while above-target inflation means the Reserve Bank of India will only cut rates once more this year. Besides, some gains in equity market also supported the domestic currency. On the global front, yen weakened against dollar by expectations that next week's Bank of Japan meeting will unveil further money-printing initiatives, despite a number of reports suggesting the bank's view on the economy had not worsened that dramatically.
Finally, the rupee ended 67.07, 11 paise stronger from its previous close at 67.18 on Thursday. The currency touched a high and low of 67.20 and 67.07 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.14 and for Euro stood at 74.03 on July 22, 2016. While the RBI’s reference rate for the Yen stood at 63.41, the reference rate for the Great Britain Pound (GBP) stood at 88.95.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
