Indian rupee pared some of early gains to end marginally higher against dollar on Friday, due to some dollar demand from importers and corporates. Sentiments were positive with credit rating agency Fitch ratings in its latest report expressed optimism about India’s medium-term economic prospects and said it would outstrip China’s growth. Besides, good gains in domestic equity markets too supported the domestic unit. Though, the dollar’s recovery against some currencies overseas capped the rupee’s gain. On the global front, Sterling steadied against dollar and euro on Friday, ending the week at much the same levels it started it at, with traders keen to see new developments on Brexit negotiations before taking on new positions on the British currency.
Finally, the rupee ended at 63.37, 4 paise stronger from its previous close of 63.41 on Thursday. The currency touched a high and low of 63.42 and 63.31 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.38 and for Euro stood at 76.50 on January 05, 2018. While the RBI's reference rate for the Yen stood at 56.06, the reference rate for the Great Britain Pound (GBP) stood at 86.02. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
