Snapping 2-day falling streak, Indian rupee bounced back against the greenback on Thursday, on the back of fresh dollar selling by exporters and some banks. Traders took support with DPIIT Secretary Guruprasad Mohapatra’s statement that with a strong policy driven government at the Centre, favourable conditions exist in India to achieve the target of $5 trillion economy by 2024. Traders also took a note of World Economic Forum’s (WEF) statement that India, a young economy with lot of potential, has demonstrated remarkable strength and resilience amid global slowdown. Moreover, dollar losing sheen against some other currencies overseas supported the rupee. On the global front, dollar eased on Thursday, as investor anxiety deepened over fresh signs of slowing U.S. economic growth and a broadening of global trade frictions.
Finally, the rupee ended at 70.87, 20 paise stronger from its previous close of 71.07 on Tuesday. The currency touched a high and low of 71.35 and 70.86 respectively. The reference rate for the dollar stood at 70.91 and for Euro stood at 77.17 on October 1, 2019. While the reference rate for the Yen stood at 65.49, the reference rate for the Great Britain Pound (GBP) stood at 87.05.
