Indian rupee appreciated against US dollar on Monday, as fresh sale of the US currency by exporters paced up. Trading sentiments remained positive after Economic Affairs Secretary Subhash Chandra Garg expressed optimism that with government’s various reforms like fiscal consolidation drive and note ban, India’s second quarter (Q2) growth will be far better than the first quarter (Q1) of the current financial year. Some relief also came with Chief Economic Adviser Arvind Subramanian’s statement that India’s steady growth has resulted in a consistent decline in poverty and improvement in several human development indices. Besides, a weak dollar against some currencies overseas also supported the rupee. On the global front, euro hit the highest level in two-months against dollar on Monday, as data pointing to robust growth in the euro zone helped overcome investors’ concerns over political uncertainty in Germany.
Finally, the rupee ended at 64.50, 20 paise stronger from its previous close of 64.70 on Friday. The currency touched a high and low of 64.83 and 64.49 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.69 and for Euro stood at 77.14 on November 27, 2017. While the RBI's reference rate for the Yen stood at 58.10, the reference rate for the Great Britain Pound (GBP) stood at 86.16. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
