Indian rupee ended eight-week high against dollar on Thursday, due to selling of greenback by banks and importers. This is the seventh consecutive session for which rupee ended higher. Domestic currency remained in the positive territory as the US Federal Reserve decided to hold rates and struck a cautious tone about any future hike. Some support also came with Niti Aayog vice-chairman Arvind Panagariya’s expectation that the India’s economic growth in the next fiscal year would be in the range of 7-7.5%. Furthermore, a private report also highlighting that India is expected to clock a GDP growth of 7.1% in 2017-18, up from 6.3% in 2016-17, as the country gets sufficiently remonetised and the schemes in the Budget play a supportive role.
Finally, the rupee ended at 67.37, 10 paise stronger from its previous close of 67.47 on Wednesday. The currency touched a high and low of 67.51 and 67.37 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.44 and for Euro stood at 72.79 on February 02, 2017. While the RBI’s reference rate for the Yen stood at 59.91, the reference rate for the Great Britain Pound (GBP) stood at 85.49.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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