Indian rupee ended marginally higher against dollar on Friday, on selling of the American currency by exporters. Losses in Indian equity markets also restricted the upside of rupee. Traders took note of report that Reserve Bank of India (RBI) continued to remain a net buyer of the US currency in November after it bought $10.261 billion from the spot market. During the reporting month, the central bank purchased $14.289 billion and sold $4.028 billion, according to the monthly bulletin released by the RBI for January. On the global front, after three straight days of losses, the dollar stabilised on Friday and riskier currencies lost out as the recent equity market rally paused for breath, with business activity data in focus. The dollar had fallen against a basket of currencies for the past three sessions as market optimism about U.S. President Joe Biden's fiscal stimulus plans prompted traders to seek riskier assets, with the New Zealand and Australian dollar gaining.
Finally, the rupee ended at 72.97, 2 paise stronger from its previous close of 72.99 on Thursday. The currency touched a high and low of 73.09 and 72.96 respectively. The reference rate for the dollar stood at 72.97, and for Euro stood 88.55 on January 21, 2021. While the reference rate for the Yen stood at 70.58, the reference rate for the Great Britain Pound (GBP) stood at 99.98.
