Indian rupee ended marginally higher against dollar on Friday due to sustained selling of the US currency by exporters and banks. Local currency got some support with International Monetary Fund’s (IMF's) statement that India’s growth outlook has improved as the impact of last year’s demonetization exercise seems to be fading and recent key structural reforms continue to pay off. Moreover, positive gains in the local equity markets coupled with weak dollar against some currencies overseas too gave the rupee some support. On the global front, dollar’s bounce stalled on Thursday after the US Federal Reserve’s policy minutes failed to provide a clear picture of future interest rate increases, although investors were reluctant to add bearish bets before some key US data.
Finally, the rupee ended at 64.77, 1 paise stronger from its previous close of 64.78 on Wednesday. The currency touched a high and low of 64.80 and 64.71 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.77 and for Euro stood at 73.43 on July 06, 2017. While the RBI’s reference rate for the Yen stood at 57.25, the reference rate for the Great Britain Pound (GBP) stood at 83.82. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
