Indian rupee ended significantly higher against dollar on Friday, on persistent selling of the American currency by exporters. Sentiments were also buoyed after Finance Minister Nirmala Sitharaman announced several measures to promote investment and growth. Additional support also came with Reserve Bank governor Shaktikanta Das exuding confidence that second-quarter GDP numbers will be better than the previous one as the government has started spending again. A spectacular relief rally in local equities also supported the forex sentiment. On the global front, dollar nursed losses against most major currencies on Friday, as central banks in Switzerland and the UK refrained from following the Federal Reserve in cutting rates, while risk appetite ebbed on caution about US-China trade talks.
Finally, the rupee ended at 70.94, 40 paise stronger from its previous close of 71.34 on Thursday. The currency touched a high and low of 71.19 and 70.68 respectively. The reference rate for the dollar stood at 71.13 and for Euro stood at 78.56 on September 19, 2019. While the reference rate for the Yen stood at 65.89, the reference rate for the Great Britain Pound (GBP) stood at 88.68.
