Erasing previous session drubbing, Indian Rupee strengthened substantially against dollar on Thursday, owing to dollar sale by exporters and banks. Sentiments were upbeat with Director General of Foreign Trade -- Amit Yadav stating that while October data looked promising for exports, the situation will improve further in the coming months due to collaborative efforts of all the stakeholders. Since April, when there was a huge downfall in exports, it has made good progress and is going to rise in the coming months. Traders also got respite with finance ministry’s statement that economy has been recovering at a fast pace and would likely to reach pre-Covid-19 levels by the end of the current fiscal year. Besides, strong gains in domestic equity markets also provided support to the rupee. On the global front, Pound erased early losses to break above $1.30 on Thursday on broad-based dollar weakness, though gains were limited by Bank of England plans to ramp up bond purchases after cutting economic growth forecasts.
Finally, the rupee ended at 74.36, 40 paise stronger from its previous close of 74.76 on Wednesday. The currency touched a high and low of 74.90 and 74.57 respectively. The reference rate for the dollar stood at 74.69 and for Euro stood 87.05 on November 04, 2020. While the reference rate for the Yen stood at 71.18, the reference rate for the Great Britain Pound (GBP) stood at 97.04.
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