Indian rupee gained for a third straight session, strengthening to a one-month high against US dollar on Friday on continuous selling of the US currency by exporters and banks. Sentiments remained up-beat with a joint report by Ficci and Deloitte which stated that Indian retail industry, growing at 10 percent, may almost double to Rs 85 trillion by 2021 steered by consumer data and technology disruptions. The rupee sentiment was also boosted as the dollar slipped against other currencies overseas. On the global front, dollar tumbled to its weakest level since the start of 2015 as fading expectations of US interest-rate increases, North Korea tensions and a historically powerful hurricane unsettled investors.
Finally, the rupee ended at 63.78, 26 paise stronger from its previous close of 64.04 on Thursday. The currency touched a high and low of 63.95 and 63.78 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.86 and for Euro stood at 77.03 on September 08, 2017. While the RBI’s reference rate for the Yen stood at 59.28, the reference rate for the Great Britain Pound (GBP) stood at 83.87. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
