Indian rupee gave up most of its intraday gains and managed a modestly positive close on Friday, on back of selling of American currency by banks and exporters. Investors took support with the rating agency, Ind-Ra’s projection that the country's economic growth will improve to 7.1 percent in the next fiscal year 2018-19 from 6.5 percent in the current year 2017-18, supported by robust consumption demand and low commodity prices. Some support also came with Vice-President M Venkaiah Naidu’s statement that various decisions of the central government, including demonetisation and GST, are likely to have a positive impact in the coming years. Besides, splendid gains of local equities along with dollar’s slide against some currencies overseas, too supported the rupee. On the global front, dollar wallowed near three-year lows on Friday as heightened fears of a US government shutdown unnerved investors.
Finally, the rupee ended at 63.84, 3 paise stronger from its previous close of 63.87 on Thursday. The currency touched a high and low of 63.86 and 63.62 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.71 and for Euro stood at 78.14 on January 19, 2018. While the RBI's reference rate for the Yen stood at 57.49, the reference rate for the Great Britain Pound (GBP) stood at 88.64. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
