Indian rupee ended three-month high against dollar on Thursday taking its winning streak for second straight session on continued dollar selling by banks and exporters. Rupee got some boost with Economic Affairs Secretary Shaktikanta Das’ statement that India will be able to pull off a 7% plus growth rate next fiscal as the Budget for 2017-18 has come up with several measures to provide a fillip to various sectors. Some support also came with reports that Indian economy attracted $4.68 billion Foreign Direct Investment (FDI) in November 2016, up 60 percent over the corresponding period last year of $2.93 billion. The domestic currency looked strong from the very beginning but losses in the equity market capped some rupee gains. On the global front, dollar managed to stabilise on Thursday after the previous session’s slide, although lingering risk aversion pinned Treasury yields near multi-week lows and restrained the greenback’s bounce.
Finally, the rupee ended at 66.85, 57 paise stronger from its previous close of 67.42 on Wednesday. The currency touched a high and low of 67.07 and 66.84 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.01 and for Euro stood at 71.54 on February 09, 2017. While the RBI’s reference rate for the Yen stood at 59.71, the reference rate for the Great Britain Pound (GBP) stood at 83.81.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
