Indian rupee appreciated against dollar on Thursday, due to selling of greenback by banks and importers. Sentiments got some support with the report that the combined index of eight core industries surged to its six months high at 6.6 percent compared to October 2015, led by steel, cement and petroleum refinery. Meanwhile, Indian economy maintaining its growth momentum remained the world’s fastest growing major economy in the July-September quarter. Data released by the Central Statistics Office (CSO) showed the economy grew an annual 7.3 percent in the July-September quarter, marginally faster than previous quarter’s expansion of 7.1 percent, while it grew 7.6 percent in the July-September 2015-16. On the global front, dollar touched a 9-1/2-month high against the yen on Thursday, as oil prices surged after OPEC agreed to output cuts - lifting inflation expectations and U.S. bond yields.
Finally, the rupee ended at 68.34, 4 paise stronger from its previous close of 68.38 on Wednesday. The currency touched a high and low of 68.51 and 68.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.37 and for Euro stood at 72.62 on December 1, 2016. While the RBI’s reference rate for the Yen stood at 60.01, the reference rate for the Great Britain Pound (GBP) stood at 85.69.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: