Indian rupee ended tad higher against dollar on Friday, owing to dollar sale by exporters and banks. Traders took some support with Union Finance Minister Nirmala Sitharaman’s statement that investors can find no better place in the world than India that has a democracy loving and capitalist respecting environment. Moreover, dollar’s weakness against some currencies overseas supported the rupee. However, gains were limited as some anxiety came with International Monetary Fund’s (IMF) statement that though India has worked on the fundamentals of its economy, there are problems, including the long-term drivers of growth that need to be addressed. On the global front, euro edged higher against the dollar on Friday, amid hopes that a Brexit deal between Britain and the European Union could prevent an economic recession in the euro zone.
Finally, the rupee ended at 71.14, 2 paise stronger from its previous close of 71.16 on Thursday. The currency touched a high and low of 71.31 and 71.05 respectively. The reference rate for the dollar stood at 71.40 and for Euro stood at 79.05 on October 17, 2019. While the reference rate for the Yen stood at 65.66, the reference rate for the Great Britain Pound (GBP) stood at 91.10.
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