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Rupee ends stronger against dollar

08 Jan 2021 Evaluate

Reversing prevision session losses, Indian rupee ended stronger against dollar on Friday due to fresh selling of the American currency by banks and exporters. Traders took support as Central Board of Indirect Taxes & Customs (CBIC) has introduced liberalised Authorised Economic Operator package for micro, small and medium enterprises (MSMEs) for swift customs clearances. In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail various benefits, the CBIC has relaxed the compliance criteria provided the MSMEs have a valid certificate from their line-ministry. Firm trade in Indian markets also supported the upside of the rupee. On the global front; dollar held above a 2018 low against other major currencies on Friday ahead of fresh U.S. jobs data likely to give clues on the extent of fiscal stimulus needed to prop up the coronavirus-hit economy.

Finally, the rupee ended at 73.24, 7 paise stronger from its previous close of 73.31 on Thursday. The currency touched a high and low of 73.45 and 73.24 respectively. The reference rate for the dollar stood at 73.13, and for Euro stood 90.04 on January 07, 2021. While the reference rate for the Yen stood at 70.84, the reference rate for the Great Britain Pound (GBP) stood at 99.34.

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