Indian rupee ended tad higher against dollar on Friday, owing to dollar sale by exporters and banks. Traders took some support with data showing that India’s industrial production measured by Index of Industrial Production (IIP) grew at a faster rate of 7.1% in the month of February 2018 as against a growth rate of 1.2% in the same month of 2017, while retail inflation softened to a five-month low of 4.28% in the month of March 2018, as against 4.44% in February 2018, mainly on account of easing food prices including vegetables. However, dollar’s strength against major global currencies overseas capped some of the rupee’s gain. On the global front, dollar touched a six-week high against the Japanese yen on Friday, as caution over an imminent Western military intervention in Syria eased and anticipation for a solid round of US corporate earnings helped support the US unit.
Finally, the rupee ended at 65.21, 4 paise stronger from its previous close of 65.25 on Thursday. The currency touched a high and low of 65.29 and 65.18 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.22 and for Euro stood at 80.34 on April 13, 2018. While the RBI’s reference rate for the Yen stood at 60.64, the reference rate for the Great Britain Pound (GBP) stood at 92.77. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
