Indian rupee ended higher against dollar on Friday, on persistent selling of the American currency by exporters. Traders took some support with the Department for Promotion of Industry and Internal Trade (DPIIT) in its latest data showing that foreign direct investment (FDI) in India rose by 13 percent - the sharpest pace in the last four fiscals - to a record of $49.97 billion in the financial year 2019-20 (FY20). However, gains remain capped as some anxiety remained among traders with Care ratings stating that the country's GDP growth is likely to be at 3.6% in January-March 2020 as economic activity came to a complete halt due to the countrywide lockdown imposed to contain the coronavirus outbreak. Investors also eyed release of official gross domestic product (GDP) data for the January-March period due later in the day. On the global front, yen rose against major currencies on Friday as caution ahead of U.S. President Donald Trump's press conference on China's treatment of Hong Kong triggered safe-haven inflows.
Finally, the rupee ended at 75.62, 14 paise stronger from its previous close of 75.76 on Thursday. The currency touched a high and low of 75.71 and 75.48 respectively. The reference rate for the dollar stood at 75.75 and for Euro stood at 83.48 on May 28, 2020. While the reference rate for the Yen stood at 70.25, the reference rate for the Great Britain Pound (GBP) stood at 92.94.
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