Indian rupee strengthened against dollar on Friday, on good bouts of dollar-selling by banks and exporters. Traders took some support with report stating that flexible working could contribute $376 billion annually to the Indian economy by 2030 as shared office space helps corporates to save cost and boost employee productivity. The market participants overlooked SBI’s research report - Ecowrap stating that the rupee depreciation has neither helped in improving exports nor in slowing imports, leading to an incremental trade deficit of $4 billion in the first half of the current fiscal. On the global front, euro fell towards a two-month low on Friday after the European Union criticised Italy's spending plans, raising fresh concern about a conflict within the common currency zone.
Finally, the rupee ended at 73.32, 29 paise stronger from its previous close of 73.61 on Wednesday. The currency touched a high and low of 73.65 and 73.29 respectively. The reference rate for the dollar stood at 73.43 and for Euro stood at 84.17 on October 19, 2018. While the reference rate for the Yen stood at 65.27, the reference rate for the Great Britain Pound (GBP) stood at 95.65. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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