Snapping two days losing streak, Indian rupee appreciated against dollar on Friday due to increased selling of American currency by exporters and banks. Sentiments got some support with Finance Minister Arun Jaitley's statement that the economic situation in Asia is not as pessimistic as the rest of the world and it has a higher growth potential. Though, he also said India will have to undergo rapid urbanisation in the next two decades and conceded that management or urban infrastructure, especially of water will become a serious challenge. On the global front, dollar advanced to a three-month high against the yen on Friday, on track for monthly gains against most major currencies as investors waited for U.S. third-quarter growth data later in the day.
Finally, the rupee ended at 66.77, 10 paise stronger from its previous close of 66.87 on Thursday. The currency touched a high and low of 66.89 and 66.75 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.85 and for Euro stood at 72.90 on October 28, 2016. While the RBI’s reference rate for the Yen stood at 63.44, the reference rate for the Great Britain Pound (GBP) stood at 81.29.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
