Indian rupee wiped off early losses to end marginally higher against the American currency on Friday on the back of dollar sales by exporters and bank. Rupee snapped its three day losing streak to end stronger supported by local equity markets which somehow managed a positive close. Some support also came with Industry body FICCI's report that the rollout of GST will bring about significant gains to India's economy and it looks forward to working with the government for successful implementation of the crucial tax reform. On the global front, dollar plunged to a 12-month low against euro as odds rose that there could be shifts in monetary policy by the European Central Bank and the Bank of England.
Finally, the rupee ended at 64.57, 5 paise stronger from its previous close of 64.62 on Thursday. The currency touched a high and low of 64.83 and 64.57 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.73 and for Euro stood at 74.00 on June 30, 2017. While the RBI’s reference rate for the Yen stood at 57.78, the reference rate for the Great Britain Pound (GBP) stood at 84.25. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
