Indian rupee ends stronger, closes with gains of 24 paise at 66.61 against US dollar

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Updated: September 30, 2016 5:55:59 PM

The Indian rupee on Friday closed 24 paise up at 66.61 against US dollar at Interbank Foreign Exchange market on fresh selling on the American currency by bankers and exporters.

Indian rupee vs US dollarIndian rupee vs US dollar: Domestic currency also got some support on speculation that slowing inflation will allow new Reserve Bank of India (RBI) governor Urjit Patel to cut interest rates at next week’s monetary policy review. (Reuters)

After falling sharply on Thursday following India’s surgical attack on Pakistan based terror camps in the aftermath of Uri attack, the Indian rupee on Friday recovered and remained firm through out the day against the US dollar at Interbank Foreign Exchange market on fresh selling on the American currency by bankers and exporters. The local currency closed 24 paise up at 66.61 against US dollar. It had opened with gains of 4 paise at 66.81 against the US dollar on Friday against the closing of 66.85 level on Thursday.

“Indian Rupee clawed back most of the losses it registered against US Dollar  today as sanity returned post knee jerk reaction on Thursday. Selling from IT exporters helped the Rupee.  Near term range is between 66:30-66:80/67:00 on spot, ” Anindya Banerjee, currency analyst, Kotak Securities said.

Domestic currency also got some support on speculation that slowing inflation will allow new Reserve Bank of India (RBI) governor Urjit Patel to cut interest rates at next week’s monetary policy review. Increased foreign fund inflows also supported the rupee. On the global front, euro lost ground broadly on Friday as concerns about the health of Deutsche Bank weighed on the single currency and undermined risk appetite across global markets. Domestic equity markets closed flat with marginal gains in a choppy trade on Friday. Sensex ended with gains of 38.43 points to close at 27,865.96, while Nifty ended 19.90 points up at 8,611.15.

The currency hovered in the range of 66.5663 – 66.8163 on Friday. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.66 and for Euro stood at 74.75 on September 30, 2016. While the RBI’s reference rate for the Yen stood at 66.05, the reference rate for the Great Britain Pound (GBP) stood at 86.42.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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