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Rupee ends stronger against dollar on Friday

18 Jun 2021 Evaluate

Erasing previous session drubbing, Indian rupee ended stronger significantly against dollar on Friday, owing to dollar sale by exporters and banks. Traders took encouragement as the Confederation of Indian Industry (CII) urged the government to provide a fiscal stimulus worth Rs 3 trillion along with direct cash transfers to perk up domestic demand. Traders ignored report that Reserve Bank of India (RBI) has revealed that the devastating second wave of the coronavirus pandemic in April-May is estimated to have cost the nation Rs 2 lakh crore in terms of output. Meanwhile, Indians' funds in Swiss banks climb to Rs 20,700 crore, highest in 13 years. On the global, dollar was headed for its best week in nearly nine months on Friday, with rival currencies struggling to shake the pressure exerted by the Federal Reserve's sudden hawkish shift in tone.

Finally, the rupee ended 73.86, stronger by 22 paise from its previous close of 74.08 on Thursday. The currency touched a high and low of 74.27 and 73.82 respectively.

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