Indian rupee ended marginally higher against dollar on Friday, on persistent selling of the American currency by exporters. Traders remained positive as India’s merchandise exports grew by 5.99 percent to $27.58 billion in September 2020 as compared to same period of last year, on account of growth in shipments of drugs and pharmaceuticals and readymade garments. The rupee also derived its strength from strong gains in the local equity markets as well as dollar’s weakness against some currencies overseas. Meanwhile, Reserve Bank of India is going to conduct open market operations (OMOs) for Rs 10,000 crore on October 22. The OMO size may be enhanced in subsequent auctions, depending on the market response. On the global front, Sterling rose slightly on Friday but was still on track to end the week on a loss, as markets waited for Britain to say whether it would continue with Brexit negotiations after the European Union leaders’ summit left the UK disappointed.
Finally, the rupee ended at 73.35, 1 paise stronger from its previous close of 73.36 on Thursday. The currency touched a high and low of 73.42 and 73.27 respectively. The reference rate for the dollar stood at 73.26 and for Euro stood 86.08 on October 15, 2020. While the reference rate for the Yen stood at 69.58, the reference rate for the Great Britain Pound (GBP) stood at 95.26.
