Snapping its previous session’s losses, Indian rupee recovered against dollar on Friday, following heavy dollar selling from banks and exporters. Investors’ sentiments turned positive with Moody’s Investors Service in its Global Macro Outlook for 2018-19 forecasting that India’s gross domestic product (GDP) growth is likely to be around at 7.5% in 2018 and 2019 as it is largely resilient to external pressures like those from higher oil prices. Besides, the dollar losing muscle against other currencies overseas too supported the rupee. On the global front, dollar fell on Friday ahead of a speech by the Federal Reserve's chairman which investors hope will provide an indication of the central bank's plans for monetary tightening and reaction to recent criticism by U.S. President Donald Trump.
Finally, the rupee ended at 69.91, 20 paise stronger from its previous close of 70.11 on Thursday. The currency touched a high and low of 70.24 and 69.89 respectively. The reference rate for the dollar stood at 70.13 and for Euro stood at 81.16 on August 24, 2018. While the RBI’s reference rate for the Yen stood at 62.98, the reference rate for the Great Britain Pound (GBP) stood at 89.96. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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