Extending gain for the third straight session, Indian rupee ended stronger against dollar on Friday, due to selling of greenback by banks and importers. Market participants got comfort with report stating that exports from special economic zones (SEZs) grew by 38% in May to Rs 29,236 crore. The major sectors contributing to the growth include biotech, chemicals, pharmaceuticals, computers, electronics, non-conventional energy, plastic, rubber, trading and services. Traders also took encouragement with Prime Minister Narendra Modi calling for targeting double-digit GDP growth for breaking into the $5 trillion economy club and said India's share in world trade has to more than double to 3.4%. Besides, splendid gains of local equities along with dollar’s slide against some currencies overseas, too supported the rupee. On the global front, euro climbed half a percent on Friday after stronger than expected French business activity in June raised hopes that concerns about a widening slowdown in the euro zone in the second quarter may be slightly overdone.
Finally, the rupee ended at 67.82, 17 paise stronger from its previous close of 67.99 on Thursday. The currency touched a high and low of 67.88 and 67.70 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.76 and for Euro stood at 78.85 on June 22, 2018. While the RBI’s reference rate for the Yen stood at 61.61, the reference rate for the Great Britain Pound (GBP) stood at 89.95. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
