Continuing its gaining streak for second consecutive session, Indian rupee ended slightly stronger against the US dollar on greenback selling by banks and exporters. Rupee sentiments remained positive with International Monetary Fund’s (IMF) statement that India is on track to hold its position as one of the world’s fastest-growing economies as reforms start to pay off. Indian economy was described by Ranil Salgado, the IMF’s mission chief for India, as an elephant starting to run, with growth forecast at 7.3% in the fiscal year. Besides, good performance of the domestic equity market, too influenced the rupee. On the global front, the dollar edged lower against a currency basket, while sterling wallowed near one-year lows, pressured lower by Brexit uncertainty.
Finally, the rupee ended at 68.62, 6 paise stronger from its previous close of 68.68 on Tuesday. The currency touched a high and low of 68.71 and 68.57 respectively. The reference rate for the dollar stood at 68.64 and for Euro stood at 79.71 on August 8, 2018. While the RBI’s reference rate for the Yen stood at 61.74, the reference rate for the Great Britain Pound (GBP) stood at 88.81. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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