Indian rupee ended stronger against dollar due to fresh selling of the American currency by banks and exporters. Besides, healthy growth in the domestic equity market added to the rupee gains. Traders mood were upbeat with CARE Ratings’ report that Indian economy will grow in the range of 11-11.2 per cent in the coming financial year. It said the high Gross Domestic Product (GDP) growth in FY22 will be on the back of low base effect in FY21 and broad-based recovery across the economy. Adding more optimism, Reserve Bank of India (RBI) Governor Shaktikanta Das expressed confidence that the second wave of Covid infections will not derail India’s economic journey. Meanwhile, as part of furthering the ease of doing business in the country, the government is set to introduce a single-window clearance mechanism for investors by mid-April in order to attract greater foreign investment. On the global front, dollar held near its highest since November against most major currencies on Friday, buoyed by hopes of over-improving U.S. economic data and the availability of coronavirus vaccines.
Finally, the rupee ended 72.51, stronger by 11 paise from its previous close of 72.62 on Thursday. The currency touched a high and low of 72.53 and 72.37 respectively. The reference rate for the dollar stood at 72.61, and for Euro stood 85.81 on March 25, 2021. While the reference rate for the Yen stood at 66.63, the reference rate for the Great Britain Pound (GBP) stood at 99.36.