Indian rupee, recovering from the early losses ended slightly higher against the American currency on Thursday, due to increased selling of the American currency by exporters and banks. Sentiments got support with the Federation of Indian Chamber of Commerce and Industry (FICCI) and PwC in their latest survey report showed that India Inc expects Indian economy likely to grow over 7% in the next 12 months on the back of a number of policy initiatives taken by the government. Adding to the optimism, a private report indicated that India's December retail inflation is expected to have eased to its lowest since June 2017 as food costs fell and fuel prices rose at a slower pace, giving the central bank breathing space to keep policy on hold. The rupee's rise was also aided by dollar's weakness against other currencies and falling crude oil prices. On the global front, dollar on Thursday languished near a 3-month low on signs the Federal Reserve may soon pause its interest rate tightening cycle.
Finally, the rupee ended at 70.41, 5 paise stronger from its previous close of 70.46 on Wednesday. The currency touched a high and low of 70.66 and 70.32 respectively. The reference rate for the dollar stood at 70.51 and for Euro stood at 81.49 on January 10, 2019. While the reference rate for the Yen stood at 65.40, the reference rate for the Great Britain Pound (GBP) stood at 90.16.
