Indian rupee after making a flat start, recouped ground and ended strong on Friday tailing gains of local equities. However, further uptrend was limited on account of persistent demand for US currency from banks and importers in view of strength of dollar overseas. Absence of fresh positive triggers also kept the gains in check. On the global front, dollar edged away from two-month highs against a basket of major currencies on Friday but was still on track for a solid weekly gain as the market shifted its focus to an eventual hike in U.S. interest rates.
Finally the rupee ended at 63.47/$, stronger by 5 paise from its previous close of 63.52/$ on Thursday. The currency touched a high and low of $63.45 and $63.52 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.49 and for Euro stood at 69.14 on July 17, 2015. While, the RBI’s reference rate for the Yen stood at 51.20, the reference rate for the Great Britain Pound (GBP) stood at 99.4297.

Source: http://www.indiainfoline.com/article/news-top-story/recovery-rupee-ends-tad-strong-on-friday-115071700627_1.html

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