Snapping its previous session’s losses, Indian rupee ended stronger on Friday, on heightened selling of the US currency by banks and exporters. The domestic currency looked strong from the very beginning and was supported by the positive gains in the local equity markets. Some support also came with the private report stating that strong import growth in June points to continued recovery in India's domestic demand and also indicating that economic expansion will accelerate from the April-June quarter. On the global front, dollar headed for weekly losses on Friday, wallowing at its lowest levels against euro in nearly two years after what markets perceived as hawkish talk from European Central Bank chief Mario Draghi.
Finally, the rupee ended at 64.31, 12 paise stronger from its previous close of 64.43 on Thursday. The currency touched a high and low of 64.38 and 64.30 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.31 and for Euro stood at 74.87 on July 21, 2017. While the RBI’s reference rate for the Yen stood at 57.53, the reference rate for the Great Britain Pound (GBP) stood at 83.53. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
