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Rupee snaps three-day fall on Friday

08 Dec 2017 Evaluate

Indian rupee snapped three-day declining trend and bounced back against the Greenback on Friday, on the back of fresh dollar selling by exporters and some banks. Sentiments remained optimistic with the private report stating that the Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4 percent this year to 7.5 percent in 2018 and further to 7.7 percent in 2019. Moreover, smart rise in domestic shares too helped rupee to recover, but the dollar's strength against other currencies overseas restricted the further up move. On the global front, pound rose against a host of currencies on Friday, after the European Commission declared that enough progress had been made in Brexit talks to move on to a second phase of negotiations.

Finally, the rupee ended at 64.45, 11 paise stronger from its previous close of 64.56 on Thursday. The currency touched a high and low of 64.58 and 64.45 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.46 and for Euro stood at 75.79 on December 08, 2017. While the RBI's reference rate for the Yen stood at 56.84, the reference rate for the Great Britain Pound (GBP) stood at 87.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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