Erasing prevision three session losses, Indian rupee ended considerably higher against dollar due to selling of the US currency by exporters and banks. Sentiments were upbeat with Finance Minister Nirmala Sitharaman’s statement that the fiscal measures taken by government during 2020-21 have been calibrated to sustain high spending in the economy and assist in its V-shaped recovery, resulting in a positive GDP growth of 0.4 percent in third quarter of FY 2020-21. The economy is estimated to contract by 8 per cent during 2020-21 due to the impact of the COVID-19 pandemic. Besides, healthy growth in the domestic equity market added to the rupee gains On the global front; pound rose to a two-week high against the euro and also gained versus the dollar, supported by progress in Britain's speedy vaccination programme, with the Bank of England governor cautiously optimistic about the recovery.
Finally, the rupee ended at 72.93, stronger by 32 paise from its previous close of 73.25 on Monday. The currency touched a high and low of 73.25 and 72.91 respectively. The reference rate for the dollar stood at 73.00, and for Euro stood 86.91 on March 08, 2021. While the reference rate for the Yen stood at 67.33, the reference rate for the Great Britain Pound (GBP) stood at 100.92.