Indian rupee strengthened against dollar on Thursday, on good bouts of dollar-selling by banks and exporters. Traders took support with a private report stating that the Indian economy is expected to start its recovery from later part of this fiscal thanks to the initiatives taken by the Reserve Bank for policy rate transmission and steps by the government to boost growth. Some optimism also came in with Union minister Som Parkash’s statement that the Centre is determined to bring economic growth to 7-8% at the earliest, asserting that the government has taken many steps to boost the economy. That apart, the rupee derived its strength from strong gains in the local equity markets. On the global front, dollar edged lower but held close to its recent highs on Thursday as investors struggled to make sense of U.S. President Donald Trump's mixed signals on a trade deal with China.
Finally, the rupee ended at 70.88, 16 paise stronger from its previous close of 71.04 on Wednesday. The currency touched a high and low of 71.01 and 70.85 respectively. The reference rate for the dollar stood at 71.03 and for Euro stood at 78.14 on September 25, 2019. While the reference rate for the Yen stood at 66.18, the reference rate for the Great Britain Pound (GBP) stood at 88.54.
