Indian rupee recovered all its initial losses and appreciated against dollar for the fourth straight session on Friday. Dollar sales from exporters also supported the domestic currency. Some support came with Finance Minister Arun Jaitley’s statement that demonetisation may impact growth 'for a quarter or so' but this disruption will not last too long and the move along with GST will help create a larger and cleaner economy. On the global front, dollar eased from a 9-1/2 month high against yen, with investors cautious ahead of a looming US jobs report that could set the market’s tone in coming days.
Finally, the rupee ended at 68.21, 13 paise stronger from its previous close of 68.34 on Thursday. The currency touched a high and low of 68.38 and 68.21 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.36 and for Euro stood at 73.03 on December 2, 2016. While the RBI’s reference rate for the Yen stood at 59.96, the reference rate for the Great Britain Pound (GBP) stood at 86.28.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
