Indian rupee ended higher against dollar on Friday, tracking positive trend in domestic equities and weakening American currency in the overseas market. Sentiments remained positive as chief economic adviser (CEA) Krishnamurthy Subramanian expressed optimism that the Indian economy will stage a better recovery once the Covid-19 outbreak subsides and it will be a V-shaped recovery. Traders also found some solace with Giridhar Aramane, Secretary in the Ministry of Road Transport and Highways’ statement that the government is working on a comprehensive financial package not only for MSMEs but for all sectors of the economy. However, gains remain capped as investors’ sentiment remained fragile amid concerns over the impact of COVID-19 pandemic on the domestic as well as global economy. On the global front, pound gained ground against both the dollar and the euro following the Bank of England's decision to keep interest rates and asset purchases unchanged.
Finally, the rupee ended at 75.54, 18 paise stronger from its previous close of 75.72 on Wednesday. The currency touched a high and low of 75.59 and 75.27 respectively. The reference rate for the dollar stood at 75.69 and for Euro stood at 81.97 on May 6, 2020. While the reference rate for the Yen stood at 71.16, the reference rate for the Great Britain Pound (GBP) stood at 94.09.
