Indian rupee, after making a good start, gave away most of its gains and concluded marginally higher against dollar on Thursday due to sustained selling of the US currency by exporters and banks. Investors took some support with the principal economic adviser in the finance ministry's statement that the government has dropped the idea of setting up a bad bank though solving NPA problem is the top priority for the government right now than consolidation as the government is keen on creating a long-term framework for strong and stable growth. The domestic unit also found support from dollar weakened overseas along with gains in the local equity markets. On the global front, dollar dropped against euro on Thursday as the eurozone economy’s growth estimates were upwardly revised, with that data coming as investors wait to hear what the European Central Bank plans to do with its bond-buying program.
Finally, the rupee ended at 64.04, 6 paise stronger from its previous close of 64.10 on Wednesday. The currency touched a high and low of 64.05 and 63.98 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.02 and for Euro stood at 76.35 on September 07, 2017. While the RBI’s reference rate for the Yen stood at 58.70, the reference rate for the Great Britain Pound (GBP) stood at 83.46. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
