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Rupee ends little change against dollar on Thursday

09 Nov 2017 Evaluate

Indian rupee ended marginally higher against dollar on Thursday due to selling of the US currency by exporters and banks. The domestic currency got the support of dollar’s weakness against major world currencies overseas. This was the second consecutive session when the rupee traded higher against dollar. However, further gains were restricted as some concern came with Grant Thornton’s latest International Business Report (IBR) highlighting that India slipped to the 7th position in the September quarter from the 2nd spot in the previous three months in its ‘business optimism index’, showing clear signs of lag in the economy. On the global front, dollar slipped against yen on Thursday on the sudden plummeting of the Nikkei stock index as well as uncertainties over the US tax reforms.

Finally, the rupee ended at 64.94, 1 paise stronger from its previous close of 64.95 on Wednesday. The currency touched a high and low of 65.00 and 64.85 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.89 and for Euro stood at 75.30 on November 09, 2017. While the RBI's reference rate for the Yen stood at 57.13, the reference rate for the Great Britain Pound (GBP) stood at 85.25. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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