Indian rupee ended substantially higher against dollar on Thursday as banks and exporters continued to sell the US currency amid persistent capital inflows. This is the second consecutive session when the rupee is traded higher against dollar. Sentiments were upbeat with Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra’s statement that the high growth story of foreign direct investments into India will go well in the new year too as there is a growing interest among overseas investors about the country amid the government's continuing reform measures to further improve the business climate. Adding optimism, Union Minister of State for Finance and Corporate Affairs Anurag Thakur stated that India will have a strong economic revival thanks to its well-planned easing of lockdown. On the global front; pound extended gains on Thursday as Britain and the European Union appeared on the cusp of striking a trade deal, raising hopes the United Kingdom can avoid a turbulent economic departure at the end of the year.
Finally, the rupee ended at 73.55, 21 paise stronger from its previous close of 73.76 on Wednesday. The currency touched a high and low of 73.66 and 73.54 respectively. The reference rate for the dollar stood at 73.81, and for Euro stood 89.93 on December 23, 2020. While the reference rate for the Yen stood at 71.34, the reference rate for the Great Britain Pound (GBP) stood at 98.98.
