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Rupee ends at 3-week high against dollar

31 Jan 2017 Evaluate

Extending gains for the fifth straight session, Indian rupee ended three-week high against dollar on Tuesday, due to selling of greenback by banks and importers. Local currency got some support with Union Power Minister Piyush Goyal’s statement that India is the fastest growing major economy and it will remain the same in the coming years. However, massive losses of domestic equity markets capped the gains in domestic currency. Besides, traders remained on sidelines ahead of Union Budget to be announced tomorrow. On the global front, dollar remained weaker against a basket of the other major currencies on Tuesday as concerns over the destabilizing impact of President Donald Trump’s immigration policy continued to generate risk aversion.

Finally, the rupee ended at 67.86, 9 paise stronger from its previous close of 67.95 on Monday. The currency touched a high and low of 67.88 and 67.79 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.81 and for Euro stood at 72.55 on January 31, 2017. While the RBI’s reference rate for the Yen stood at 59.77, the reference rate for the Great Britain Pound (GBP) stood at 84.84.The reference rates are based on 12 noon rates of a few select banks in Mumbai.  

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