Indian rupee ended marginally higher against dollar on Friday due to fresh selling of the American currency by banks and exporters. Rupee got some support with Minister of State for Personnel Jitendra Singh’s statement that the India will be an important pillar of the post-coronavirus global economic recovery and that the road map for winning the battle against the pandemic lies in countries restarting the economy and strengthening cooperative federalism. However, traders remained cautious with private report that business optimism for the July-September quarter slumped to a record low due to sharp rise in COVID-19 cases, the extension of lockdown in containment zones and staggered easing of restrictions. On the global front; pound resumed its role as a risk-driven currency on Friday, falling against the dollar as global market sentiment turned sour after an escalation of U.S.-China tensions.
Finally, the rupee ended at 74.93, 1 paise stronger from its previous close of 74.94 on Thursday. The currency touched a high and low of 75.04 and 74.92 respectively. The reference rate for the dollar stood at 74.85 and for Euro stood at 89.07 on August 06, 2020. While the reference rate for the Yen stood at 71.00, the reference rate for the Great Britain Pound (GBP) stood at 98.54.
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