After yesterday’s steep losses, Indian rupee gained ground against dollar and ended higher on Thursday, due to selling of the US currency by exporters and banks. Sentiments turned optimistic with report that India’s global trade increased by 16.32% to $767.9 billion in 2017-18. According to the Commerce Department data, in 2016-17, the trade stood at $660.2 billion. The data further highlighted that India’s total trade with LAC (Latin American countries) grew by 19.63%. Besides, dollar's weakness against other currencies in the global market largely helped the rupee to rebound from early plunge. On the global front, euro edged off eight-week lows on Thursday as traders prepared for a European Central Bank meeting from which investors will be searching for any signals about when the bank will begin unwinding its stimulus.
Finally, the rupee ended at 66.75, 15 paise stronger from its previous close of 66.90 on Wednesday. The currency touched a high and low of 66.91 and 66.69 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.82 and for Euro stood at 81.37 on April 26, 2018. While the RBI’s reference rate for the Yen stood at 61.12, the reference rate for the Great Britain Pound (GBP) stood at 93.16. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
