Recovering from a two-day fall, Indian rupee ended marginally stronger on Wednesday, due to increased selling of the American currency by exporters and banks. Sentiments got some support with report that net direct tax collections rose by 15.2% to Rs 4.39 lakh crore between April and October this fiscal. This amounts to 44.8% of the total Budget estimate of direct taxes of Rs 9.8 lakh crore for 2017-18. Some solace also came with Arvind Panagariya’s statement that the country as a place for business is a lot more attractive than its ranking suggests. The rupee’s rise was also aided by dollar's weakness against other currencies, though gains were restricted as the domestic equities remained weak. On the global front, the dollar sank on Wednesday, weighed down by uncertainty over the course of tax reform in the US.
Finally, the rupee ended at 64.95, 8 paise stronger from its previous close of 65.03 on Tuesday. The currency touched a high and low of 65.16 and 64.93 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.05 and for Euro stood at 75.38 on November 08, 2017. While the RBI's reference rate for the Yen stood at 57.12, the reference rate for the Great Britain Pound (GBP) stood at 85.57. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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