Rupee ended significantly higher against dollar on fresh selling of dollar by bankers and exporters on Friday, even as domestic equity market ended with significant losses. Traders were energized as Commerce Secretary Anup Wadhawan stated that India’s exports are steadily recovering and it is expected to record a healthy growth rate in March. He also said the country's merchandise exports were impacted on account of the COVID pandemic. Adding more optimism, PHD Chamber of Commerce and Industry in its latest report has showed that India's Gross Domestic Product (GDP) growth is likely to enter a double-digit growth trajectory and may grow at more than 11 per cent in the next financial year, as economic activities gather pace and investor sentiments revive. Meanwhile, private survey stated that India among world’s top 5 investment destinations. The United Kingdom has overtaken India to occupy the 4th spot after Brexit while India has managed to remain in the top 5 just ahead of Japan. On the global front; dollar rose on Friday, recovering its losses from the day before, as a spike in Treasury yields early in the European session triggered a risk-off move in global currency markets, with riskier currencies taking a hit.
Finally, the rupee ended at 72.79, stronger by 12 paise from its previous close of 72.91 on Wednesday. The currency touched a high and low of 72.84 and 72.63 respectively. The reference rate for the dollar stood at 72.97, and for Euro stood 86.62 on March 10, 2021. While the reference rate for the Yen stood at 67.02, the reference rate for the Great Britain Pound (GBP) stood at 101.05.