After making a weak start, Indian rupee recouped substantial ground and ended stronger against dollar on Wednesday as the country's move to withdraw larger banknotes from circulation was seen as a positive for the economy, ushering transparency and leading to easing inflation. Sentiments also got some support with the report that a new and simpler portal for the incoming Goods and Services Tax regime went live on Tuesday that will enable easy filing of returns and tax payments through credit/debit cards and other modes. On the global front, yen climbed against dollar after Donald Trump's victory in the U.S. election rattled investors.
Finally, the rupee ended at 66.43, 19 paise stronger from its previous close of 66.62 on Tuesday. The currency touched a high and low of 66.92 and 66.40 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.79 and for Euro stood at 74.97 on November 09, 2016. While the RBI’s reference rate for the Yen stood at 65.05, the reference rate for the Great Britain Pound (GBP) stood at 83.42.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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