Extending its winning streak for second consecutive session, Indian rupee ended stronger against US dollar on Tuesday, as the US Fed’s two-day policy meet gets under way. Exporters and banks continued to give the American currency a wide berth. Rupee sentiments also got some support with SBI Research’s latest report accessing that Indian economy is likely to improve to 6% in the second quarter of the current fiscal year 2017-18, as against 5.7% growth in the first quarter of FY18. It also said that Q2 growth might be in the lower end of 6-6.5% band with an upward bias. However, the dollar’s strength against other currencies overseas and weak domestic stock markets cast a shadow on the rupee’s gains. On the global front, Euro slipped by a fraction against the Dollar on Tuesday after data showed a surprise fall in Eurozone inflation during October.
Finally, the rupee ended at 64.74, 11 paise stronger from its previous close of 64.85 on Monday. The currency touched a high and low of 64.84 and 64.72 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.77 and for Euro stood at 75.42 on October 31, 2017. While the RBI's reference rate for the Yen stood at 57.27, the reference rate for the Great Britain Pound (GBP) stood at 85.59. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
