Indian rupee ended marginally higher on Friday due to selling of American currency by banks and exporters. Increased foreign fund inflows in the domestic market and dollar weakness against some other currencies overseas, supported the local currency. Some support also came with Minister of State for Finance Arjun Ram Meghwal stated that the new indirect tax regime is a major tool for improving ease of doing business and that the government will be able to implement GST from April 1, next year. On the global front, dollar gained against yen after the Federal Reserve trimmed its long-term interest rate expectations and the Bank of Japan rebooted its monetary policy framework.
Finally, the rupee ended at 66.66, 1 paise stronger from its previous close of 66.67on Thursday. The currency touched a high and low of 66.73 and 66.62 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.65 and for Euro stood at 74.67 on September 23, 2016. While the RBI’s reference rate for the Yen stood at 66.08, the reference rate for the Great Britain Pound (GBP) stood at 86.92.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
