Rupee ends with massive gains on persistent dollar selling

Extending its gaining streak for the third straight day, Indian rupee ended significantly higher against dollar on Friday, on persistent selling of the American currency by exporters. Sentiments got boost with a report that the rupee will appreciate from the current level due to sliding crude prices on the back of the downward revision of global growth forecast by the International Monetary Fund (IMF). Besides, good going in the local equity markets coupled with softening crude oil price mainly aided the currency’s appreciation. Traders were looking forward to the key economic data -- August IIP and September CPI, which will be announced after the market hours.  On the global front, dollar crept up on Friday, reflecting investor confidence in the U.S. economy, despite criticism by President Donald Trump of the Federal Reserve and a sell-off in U.S. equities.

Finally, the rupee ended at 73.57, 55 paise stronger from its previous close of 74.12 on Thursday. The currency touched a high and low of 73.85 and 73.52 respectively. The reference rate for the dollar stood at 73.79 and for Euro stood at 85.55 on October 12, 2018. While the reference rate for the Yen stood at 65.67, the reference rate for the Great Britain Pound (GBP) stood at 97.65. The reference rates are based on 12 noon rates of a few select banks in Mumbai.