Indian rupee strengthened a bit on Friday due to selling of American currency by banks and exporters. Investor s’ sentiments got some support with the report that foreign direct investment (FDI) into the country grew by 7 per cent to $10.55 billion during the first quarter of the current financial year. The sectors, which attracted maximum FDI during the period, included computer hardware and software, services, telecommunications, power, pharmaceuticals and trading business. Besides, weakness of the dollar against other currencies overseas boosted the rupee value against the dollar, but losses in the domestic equity market capped the rupee gains. On the global front, yen strengthened against the U.S. dollar after the Bank of Japan's latest measures to boost growth and inflation fell short of investor expectations.
Finally, the rupee ended 67.00, 3 paise stronger from its previous close at 67.03 on Thursday. The currency touched a high and low of 67.09 and 66.95 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.03 and for Euro stood at 74.27on July 29, 2016. While the RBI’s reference rate for the Yen stood at 64.69, the reference rate for the Great Britain Pound (GBP) stood at 88.30.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
