Indian rupee ended considerably stronger against the US dollar on Thursday, on continuous selling of the US currency by exporters and banks. Sentiments remained up-beat with NITI Aayog vice-chairman Rajiv Kumar’s statement that India's GDP growth rate in Q2 is likely at 6.2-6.3% and for the full year could be closer to 7% and for Second-half growth has to be 7.5%. The domestic currency also got some support with Moody’s latest report where it expecting an improvement in the credit profiles of India Inc next year, driven by better sales as it expects GST-related disruptions to wane, leading to an all-round recovery in economic activities. Besides, weakness of dollar in the overseas market also boosted the value of rupee against the dollar. On the global front, broadly weaker dollar was nursing losses at two-month lows against yen on Thursday after the minutes of the Federal Reserve’s November meeting showed that some officials remain concerned about low inflation.
Finally, the rupee ended at 64.57, 35 paise stronger from its previous close of 64.92 on Wednesday. The currency touched a high and low of 64.89 and 64.57 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.79 and for Euro stood at 76.62 on November 23, 2017. While the RBI's reference rate for the Yen stood at 58.22, the reference rate for the Great Britain Pound (GBP) stood at 86.33. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
