Rupee opens strong by 18 paise at 64.89/$

The currency touched a high and low of 65.06/$ and 65.11/$ respectively.

Indian Rupee today opened at 64.89/$ higher by 18 paise in early trade on Friday. The broader strength remains resilient, thanks to healthy foreign capital inflows and steady economic growth prospects. In the latest, Organisation for Economic Co‐operation and Development stated that in India’s economic growth trajectory remains firm, while growth in various economies.

On macroeconomic side, German exports plunged 5.2% in August. Earlier, Germany reported that its industrial production during August witnessed the steepest decline this year. Contraction of 1.2% was in complete contrast with the expectations of a modest rise. Although the weakness in the reading can be related to summer holidays, the degree of the fall was astonishing. In China, investors will keep an eye on much awaited Q3 GDP numbers next week, wherein expectations are calling for the growth to have slowed drastically towards 6.5% Q1 GDP growth was reported at 7%.

The rupee ended at 65.05/$, lower by 7 paise from its previous close of 64.98/$ on Wednesday. The currency touched a high and low of 65.06/$ and 65.11/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.15 and for Euro stood at 73.32 on October 08, 2015. While, the RBI’s reference rate for the Yen stood at 54.41, the reference rate for the Great Britain Pound (GBP) stood at 99.7814.