Snapping its two-day losing streak, Indian rupee bounced back against dollar on Friday on fresh selling of the American currency by exporters. Positive gains in the equity market along with dollar struggled against some other currencies overseas too supported the rupee. Local currency shrugged off the report that the current account deficit (CAD) widened to $ 7.9 billion or 1.4% of GDP in the October-December quarter on account of higher trade deficit. On the global front, dollar turned lower against other major currencies on Friday, as investors remained cautious ahead of a highly-anticipated vote on U.S. President Donald Trump’s healthcare bill and as strong euro zone data sent the single currency broadly higher.
Finally, the rupee ended at 65.41, 12 paise stronger from its previous close of 65.53 on Thursday. The currency touched a high and low of 65.51 and 65.38 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.45 and for Euro stood at 70.46 on March 24, 2017. While the RBI’s reference rate for the Yen stood at 58.74, the reference rate for the Great Britain Pound (GBP) stood at 81.67.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
