Indian rupee ended over three-week high against US dollar on Monday, on persistent selling of the greenback by banks and exporters on the back of lower dollar overseas. The currency gained for the sixth consecutive session, its longest winning streak since February. Traders took some encouragement with report that India’s exports recorded a robust growth of 25.67% to $28.61 billion in September, mainly on account of rise in shipments of engineering, chemicals, and petroleum products. Imports too rose by 18.09% to $37.59 billion in September from $31.83 billion in the year-ago month and the trade deficit narrowed to 7-month low of $8.98 billion in the month under review from $9.07 billion in September 2016. Some strength also came with data showing that India’s annual wholesale price inflation (WPI) eased to 2.60% in September from the provisional 3.24% in the previous month. Besides, good gains in domestic equity market too kept sentiment highly buoyant. On the global front, dollar fell against yen on Monday on the weaker-than-expected US consumer price index for September released last week.
Finally, the rupee ended at 64.72, 20 paise stronger from its previous close of 64.92 on Friday. The currency touched a high and low of 64.77 and 64.68 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.76 and for Euro stood at 76.39 on October 16, 2017. While the RBI's reference rate for the Yen stood at 57.93, the reference rate for the Great Britain Pound (GBP) stood at 86.00. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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