Snapping seven-day record closing low, Indian rupee recovered against dollar on Friday, on the back of sustained bouts of dollar selling from banks and exporters. Investors’ sentiment turned positive with Union Minister for Commerce and Industry Suresh Prabhu’s statement that with phenomenal changes in social and economic sector reforms, India will become a five-trillion-dollar economy in seven years from the present 2.6 trillion dollars. Traders also took some support with report that India and the US on September 6, pledged to expand their bilateral trade and economic partnership with a view to promoting investment and job creation. On the global front, The British pound jumped against dollar and euro on Friday after EU's chief Brexit negotiator Michel Barnier said the European Union was open to discussing other backstops on the Irish border issue.
Finally, the rupee ended at 71.74, 24 paise stronger from its previous close of 71.98 on Thursday. The currency touched a high and low of 72.08 and 71.65 respectively. The reference rate for the dollar stood at 71.90 and for Euro stood at 83.67 on September 7, 2018. While the RBI’s reference rate for the Yen stood at 64.98, the reference rate for the Great Britain Pound (GBP) stood at 93.03. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
