Rising for the second straight day, Indian rupee ended stronger against dollar on Friday due to fresh selling of the American currency by banks and exporters. The domestic currency was trading strong from the start, on expectation of positive outcome over India and China tension. Positive equity markets and progress in covid-19 vaccine also supported Rupee. Traders’ mood remained positive as World Bank Country Director in India Junaid Ahmad has said that the World Bank will provide a $750 million budget support to 15 lakh Micro, Small and Medium Enterprises (MSMEs) to increase liquidity access for viable small businesses impacted by nationwide lockdown due to Covid-19 outbreak. On the global front; dollar edged up on Friday and currency traders’ risk appetite was boosted only slightly by better-than-expected jobs data in the United States, as surging coronavirus cases continued to taper market optimism.
Finally, the rupee ended at 74.66, 38 paise stronger from its previous close of 75.04 on Thursday. The currency touched a high and low of 75.02 and 74.60 respectively. The reference rate for the dollar stood at 75.48 and for Euro stood at 85.06 on July 02, 2020. While the reference rate for the Yen stood at 70.24, the reference rate for the Great Britain Pound (GBP) stood at 94.36.
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