Continuing previous session gains, Indian rupee ended substantially stronger on Friday fresh selling of American currency by banks and exporters. Besides, healthy growth in the domestic equity markets added to the rupee gains. Sentiments were perked up as Prime Minister Narendra Modi wooed global investors by showcasing the recent agriculture and labour reforms and faster-than-anticipated reflation of the economy and asserted that the government will do whatever it takes to make India the engine of global growth resurgence. Adding to the positive sentiment, External Affairs Minister S Jaishankar stated that the India's expectation is that the reforms undertaken by it in domains like labour, agriculture and education, when combined with making it easier to do business, create start-ups and promote skilling, will lead to much broader pathways for global collaboration. On the global front, dollar steadied against many currencies on Friday but traders say more losses are likely as a contentious U.S. presidential election diminished hopes for large stimulus to support the economy any time soon.
Finally, the rupee ended at 74.08, 28 paise stronger from its previous close of 74.36 on Thursday. The currency touched a high and low of 74.28 and 73.87 respectively. The reference rate for the dollar stood at 74.26 and for Euro stood 87.17 on November 05, 2020. While the reference rate for the Yen stood at 71.19, the reference rate for the Great Britain Pound (GBP) stood at 96.25.
