Extending gains for third straight session, Indian rupee ended at 20-month high against dollar on Friday, due to selling of greenback by banks and importers. Some support also came with Fitch Ratings stating that it continues to rate India as BBB- or 'stable' on account of strong medium-term growth outlook and favourable external balances against weak fiscal position and a business environment which is still difficult. Meanwhile, the Reserve Bank of India dashed hopes for rate cuts in its monetary policy report. Moreover, rising geopolitical concerns after the United States launched cruise missiles against an air base in Syria, kept the American currency under pressure, in turn supporting the rupee.
Finally, the rupee ended at 64.26, 27 paise stronger from its previous close of 64.53 on Thursday. The currency touched a high and low of 65.05 and 64.50 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.39 and for Euro stood at 68.55 on April 07, 2017. While the RBI’s reference rate for the Yen stood at 58.19, the reference rate for the Great Britain Pound (GBP) stood at 80.25. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
