Indian rupee, appreciating for third consecutive session, rose to the highest in more than a week on Friday on account of dollar selling by custodian banks amidst splendid gains of local equities due to global risk on sentiment. Investors’ risk appetite was bolstered after data showed that the number of Americans filing new claims for unemployment benefits unexpectedly fell last week. Nevertheless, dollar surged to three and half year high against the yen on Friday, with the near-term focus on whether US jobs data will fuel hopes for a further recovery in the US labour market. However, gains of local unit also came tailing common currency. Euro despite easing against dollar, clung to the bulk of the gains made the previous day, when the European Central Bank wrong-footed investors who had positioned for a more dovish signal from ECB President Mario Draghi.
Finally the rupee ended at 54.29, stronger by 27 paise from its previous close of 54.56 on Thursday. The currency has touched a high and low of 54.56 and 54.27 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.40 and for Euro it stood at Rs 71.24 on March 8, 2013. While, the RBI’s reference rate for the Yen stood at 57.06, the reference rate for the Great Britain Pound (GBP) stood at 81.5672. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
