Indian rupee ended stronger against dollar on Friday, due to increased selling of the American currency by banks and exporters. Traders took encouragement with the Central Statistics Office’s data showing that India's industrial output rose 4.3% in July, as against 2% in June. Also, last hour recovery in local equity markets and dollar losing sheen against some other currencies overseas gave the uptrend some momentum. Market participants paid no heed towards data showing that consumer price index-based inflation (CPI) for August crept up slightly to 3.21% year-on-year, compared with 3.15% in July, driven by a sharp rise in food prices. On the global front, euro edged higher against the dollar on Friday as German government bond yields surged on the back of investors thinking the European Central Bank was done stimulating the ailing euro zone economy after cutting rates on Thursday.
Finally, the rupee ended at 70.92, 22 paise stronger from its previous close of 71.14 on Thursday. The currency touched a high and low of 71.15 and 70.86 respectively. The reference rate for the dollar stood at 71.31 and for Euro stood at 78.50 on September 12, 2019. While the reference rate for the Yen stood at 66.02, the reference rate for the Great Britain Pound (GBP) stood at 87.90.
