Indian rupee recovered all its initial losses and appreciated against dollar for the third straight session on Monday, amid recovery in domestic equity market. Besides, dollar sales from exporters also supported the domestic currency. The sentiments were on optimistic note after Finance Minister Arun Jaitley stated that India’s economic growth is expected to exceed 7.3 percent in the current fiscal year and go higher still in the next one. Meanwhile, the inflation data came mostly in line to the expectation and remained in negative territory for the 12th month in a row. Wholesale Price Index (WPI) inflation for the month of October was reported at (-) 3.81% vs (-) 4.54% in September. On the global front, euro was pinned down near 7-month troughs against the dollar on Monday as investors remained cautious after the deadly attacks in Paris, which led to a bout of global risk aversion.
Finally, the rupee ended at 66.00, 9 paise stronger from its previous close of 66.09 on Friday. The currency touched a high and low of 66.25 and 65.94 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.16 and for Euro stood at 70.97 on November 16, 2015. While, the RBI’s reference rate for the Yen stood at 54.05 the reference rate for the Great Britain Pound (GBP) stood at 100.6563. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
