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Rupee continues upward march for fourth straight session

03 May 2019 Evaluate

Indian rupee continued its upward march for the fourth straight session on Friday, on persistent selling of the American currency by exporters. Sentiments got up-beat with a report that India was the biggest recipient of funds from Asian Development Bank last year and would continue to get sovereign loans in excess of $3 billion in 2019 as well. The multilateral funding institution committed $3 billion in sovereign loans to India in 2018, the highest level of assistance since sovereign operations began in the country in 1986. However gains remain limited as the Finance Ministry in its monthly economic report for March has said that the Indian economy slowed down slightly in the fiscal year 2018-19 (FY19), though it is still fastest growing major economy. On the global front, brief rally in the euro petered out on Friday with political uncertainty and the threat of economic decline in Europe pulling the currency down against the dollar.

Finally, the rupee ended at 69.22, 15 paise stronger from its previous close of 69.37 on Thursday. The currency touched a high and low of 69.42 and 69.20 respectively. The reference rate for the dollar stood at 69.26 and for Euro stood at 77.33 on May 3, 2019. While the reference rate for the Yen stood at 62.13, the reference rate for the Great Britain Pound (GBP) stood at 90.24.

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