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Rupee ends with strong gains on persistent dollar selling

30 Aug 2019 Evaluate

Indian rupee ended significantly higher against dollar on Friday on persistent selling of the American currency by exporters. Rupee throughout the day remained positive, taking support from Union Home Minister Amit Shah’s statement that India's macroeconomic fundamentals are quite strong and its economy is currently growing at the fastest pace in the world. Also, last hour splendid recovery in local equity markets and easing crude oil prices gave the uptrend some momentum. However, there was some cautiousness too ahead of release the April-June quarter (Q1FY20) Gross Domestic Product (GDP) numbers later in the day. On the global front, dollar held firm against the yen on Friday, as comments from Beijing sparked renewed hopes that China and the United States (US) could get full-fledged negotiations back on track to resolve their protracted trade dispute.

Finally, the rupee ended at 71.42, 38 paise stronger from its previous close of 71.80 on Thursday. The currency touched a high and low of 71.81 and 71.38 respectively. The reference rate for the dollar stood at 71.99 and for Euro stood at 79.79 on August 29, 2019. While the reference rate for the Yen stood at 67.98, the reference rate for the Great Britain Pound (GBP) stood at 87.93.

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