Indian rupee appreciated against US dollar on Tuesday, as fresh sale of the US currency by exporters paced up. Sentiments remained up-beat with international rating agency Moody’s report which expecting growth to revive next year, has said a 7.6% GDP expansion can result in corporates reporting a pre-tax profit growth of 5-6% over the next 12-18 months. Some solace also came with report that investors pumped over Rs 51,000 crore into various mutual fund schemes in October after pulling out more than Rs 16,000 crore in the preceding month. Moreover, the local unit also got some support from gains in domestic equity market, but a strong dollar overseas kept the rupee in check. On the global front, dollar strengthened against euro after news that Germany has been unable to form a coalition government, adding to political uncertainty in the European Union.
Finally, the rupee ended at 64.90, 19 paise stronger from its previous close of 65.09 on Monday. The currency touched a high and low of 65.12 and 64.88 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.03 and for Euro stood at 76.38 on November 21, 2017. While the RBI's reference rate for the Yen stood at 57.82, the reference rate for the Great Britain Pound (GBP) stood at 86.18. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
