Indian rupee ended significantly higher against dollar on Thursday, on persistent selling of the American currency by exporters. This is the second consecutive session when the rupee was traded higher against dollar. Traders remained optimistic after RBI Governor Shaktikanta Das said the central bank has not exhausted its ammunition to deal with the current situation due to the coronavirus pandemic. Some support also came with Commerce Secretary Anup Wadhawan’s statement that the department of commerce is proactively engaging with state governments to promote exports. He also requested state governments to extend their support to take forward the initiatives to boost country's outbound shipments. On the global front; dollar was slightly higher, as investors focused on the U.S. Federal Reserve Chair's speech at the virtual Jackson Hole conference later in the session.
Finally, the rupee ended at 73.82, 48 paise stronger from its previous close of 74.30 on Wednesday. The currency touched a high and low of 74.36 and 73 .82 respectively. The reference rate for the dollar stood at 74.35 and for Euro stood at 87.87 on August 26, 2020. While the reference rate for the Yen stood at 69.92, the reference rate for the Great Britain Pound (GBP) stood at 97.76.
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