Erasing prevision session losses, Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters. Traders mood were upbeat as World Bank has scaled up its projection for India's economic growth by 4.7 percentage points to 10.1 per cent for Financial Year 2021-22, citing a strong rebound in private consumption and investment growth. Adding optimism, India has emerged as the biggest recipient of foreign portfolio investments this fiscal with net inflows worth Rs 2.6 lakh crore, driven by ample liquidity in global markets and hopes of faster economic recovery. Investments in the equities segment touched Rs 2,74,503 crore, which is the highest quantum of money recorded ever since the National Securities Depository began making FPI data publicly available. On the global front, pound edged higher against the dollar and the euro on Wednesday as traders look past economic data in Britain and focused on a planned re-opening of shops in April.
Finally, the rupee ended 73.12, stronger by 26 paise from its previous close of 73.38 on Tuesday. The currency touched a high and low of 73.58 and 73.05 respectively. The reference rate for the dollar stood at 72.40 , and for Euro stood 85.31 on March 26, 2021. While the reference rate for the 100 Yen stood at 66.00, the reference rate for the Great Britain Pound (GBP) stood at 99.62.
