Indian rupee ended considerably stronger on Thursday as the dollar fell to a two-week low against a basket of other currencies after US President Donald Trump said that the currency was too strong and that he would prefer interest rates to stay low. The local currency shrugged off the domestic data showed that industrial production contracted in February and consumer price inflation edged up in March. The March retail inflation rose to highest level in 5 months of 3.81%, while the February IIP contracted to 1.2% from 3.3% in January. Besides, weak trade in local equities failed to cast any impact on the currency.
Finally, the rupee ended at 64.41, 26 paise stronger from its previous close of 64.67 on Wednesday. The currency touched a high and low of 64.48 and 64.26 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.31 and for Euro stood at 68.61 on April 13, 2017. While the RBI’s reference rate for the Yen stood at 58.97, the reference rate for the Great Britain Pound (GBP) stood at 80.82. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
