Indian rupee strengthened against dollar on Thursday, on fresh selling of the US currency by banks and exporters. Rupee throughout the day remained positive, taking support with the India Ratings and Research (Ind-Ra) upgrading its India’s economic growth forecast to 7.4% for FY19 from 7.1% forecasted earlier. Sentiments improved further after the Reserve Bank of India (RBI) kept the repo rate unchanged at 6% in the first Monetary Policy Committee (MPC) meet of FY19. Besides, abundant capital inflows into domestic equities supported the rupee. However, dollar’s strength against major global currencies overseas restricted the local unit’s further up move. On the global front, dollar rose to a two-week high against a basket of major currencies on Thursday as investors reassessed the danger of a trade war between the China and the United States.
Finally, the rupee ended at 64.96, 18 paise stronger from its previous close of 65.14 on Wednesday. The currency touched a high and low of 65.13 and 64.94 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.06 and for Euro stood at 79.77 on April 05, 2018. While the RBI’s reference rate for the Yen stood at 60.78, the reference rate for the Great Britain Pound (GBP) stood at 91.50. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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