Indian rupee gained ground against dollar and ended higher on Thursday, on persistent selling of the American currency by exporters. Sentiments remained up-beat with Commerce and Industry Minister Piyush Goyal’s statement that foreign direct investments (FDI) into the country grew 3 per cent to $6.95 billion in April. During 2018-19, the country recorded the highest-ever total FDI inflow of $64.38 billion, which is 6 per cent higher as compared to 2017-18. 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 fell to a five-day low on Thursday after Federal Reserve Chair Jerome Powell kept the door open for U.S. interest rate cuts, though investors were wary of selling dollars aggressively until a policy review later this month.
Finally, the rupee ended at 68.44, 14 paise stronger from its previous close of 68.58 on Wednesday. The currency touched a high and low of 68.48 and 68.30 respectively. The reference rate for the dollar stood at 68.52 and for Euro stood at 76.79 on July 10, 2019. While the reference rate for the Yen stood at 62.93, the reference rate for the Great Britain Pound (GBP) stood at 85.30.
