Rising for the fifth straight session, Indian rupee ended higher against dollar on Friday, on the back of dollar sales by investors. Investors sentiment was supported with a private report that the Reserve Bank of India's (RBI) $5 billion plan to swap rupees for dollars with domestic banks will help achieve its twin objectives of pushing interest rates down while also preventing a sharp appreciation in the rupee. Traders took note of the RBI’s statement that financial sector regulators discussed ways to address challenges pertaining to the quality of credit ratings and other issues concerning the economy. It added that the sub-committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country. Besides, weakness of dollar in the overseas market coupled with strong gains in the local equity markets helped the domestic currency rebound. On the global front, dollar slipped against its rivals on Friday and was set for its biggest weekly drop in more than three months before a U.S. central bank meeting next week where policymakers will shed more light on the outlook for interest rates.
Finally, the rupee ended at 69.10, 24 paise stronger from its previous close of 69.34 on Thursday. The currency touched a high and low of 69.34 and 69.03 respectively. The reference rate for the dollar stood at 69.21 and for Euro stood at 78.33 on March 15, 2019. While the reference rate for the Yen stood at 61.99, the reference rate for the Great Britain Pound (GBP) stood at 91.64.
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