Indian rupee trimmed some of its early gains but still managed to end higher against the American currency on Monday, on continued dollar selling by banks and exporters. This is the second consecutive session when the rupee is traded higher against dollar. Traders remained optimistic with Niti Aayog’s statement that India has good prospects of achieving over 8 percent growth within 2-3 years and the chances of massive cut in the poverty rate in the upcoming decade are excellent. Besides, firm domestic equities along with dollar's weakness against other currencies overseas too gave the rupee some relief. On the global front, dollar hit 16-month lows against a basket of currencies on Monday as tropical storm Harvey pummelled the heart of the US energy sector and raised concerns about the economy.
Finally, the rupee ended at 63.91, 12 paise stronger from its previous close of 64.03 on Thursday. The currency touched a high and low of 63.92 and 63.85 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.87 and for Euro stood at 76.21 on August 28, 2017. While the RBI’s reference rate for the Yen stood at 58.53, the reference rate for the Great Britain Pound (GBP) stood at 82.36. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
