In line with equity markets, the Indian rupee ended marginally higher against US dollar on Thursday as exporters and banks stepped up selling of the American currency. Sentiments also got some support with a private research enlightening that the implementation of the new Insolvency and Bankruptcy Code is expected to give a big push to credit growth as international experience shows that laws to resolves bad assets have helped boost credit growth. Besides, some gains in the domestic equities and continuous foreign capital inflows too supported the domestic unit. On the global front, dollar edged higher against yen on Thursday, paring some of the losses it suffered after US President Donald Trump suggested a shutdown of the government was possible and threatened to terminate the North American Free Trade Agreement.
Finally, the rupee ended at 64.03, 8 paise stronger from its previous close of 64.11 on Wednesday. The currency touched a high and low of 64.08 and 64.02 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.06 and for Euro stood at 75.58 on August 24, 2017. While the RBI’s reference rate for the Yen stood at 58.67, the reference rate for the Great Britain Pound (GBP) stood at 81.93. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
