Snapping four days losing streak, Indian rupee appreciated against dollar on Thursday due to increased selling of American currency by exporters and banks. Local currency got some support with Moody’s Investors Service affirming India’s sovereign rating at ‘Baa3’ with a positive outlook, saying it expects policymakers to continue reforms to achieve balanced growth and reduce the government's debt load. Besides, dollar weakness against other major currencies overseas on disappointing US economic data that showing wholesale inflation and industrial production flat in October also supported the domestic currency. On the global front, yen gained against dollar on Thursday after the Bank of Japan announced special buying operations for Japanese government bonds.
Finally, the rupee ended at 67.83, 11 paise stronger from its previous close of 67.94 on Wednesday. The currency touched a high and low of 67.93 and 67.76 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.91 and for Euro stood at 72.56 on November 17, 2016. While the RBI’s reference rate for the Yen stood at 62.10, the reference rate for the Great Britain Pound (GBP) stood at 84.31.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
