Strengthening for the second consecutive session, Indian rupee concluded marginally stronger against dollar on Tuesday on increased selling of the greenback by exporters and banks. The sentiments remained on positive note with RBI Governor Urjit Patel’s statement that the economy is recovering, after growth slowed to a three-year low of 5.7% in the April-June quarter. He added that the GDP growth will pick up in the third and fourth quarters (of the current fiscal year) to above 7%. Besides, a fall in dollar against major world currencies globally along with positive local equity markets also helped the domestic currency. However, gains were limited as some cautiousness prevailed ahead of key economic data i.e. August IIP and September CPI data, scheduled to be released on October 12. On the global front, dollar edged lower against yen on Tuesday as concerns over North Korea kept investors wary and the euro hit one-week highs following upbeat German trade data and hawkish remarks by a European Central Bank official.
Finally, the rupee ended at 65.28, 7 paise stronger from its previous close of 65.35 on Monday. The currency touched a high and low of 65.37 and 65.21 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.26 and for Euro stood at 76.83 on October 10, 2017. While the RBI's reference rate for the Yen stood at 57.95, the reference rate for the Great Britain Pound (GBP) stood at 85.94. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
