Rising for the second straight day, Indian rupee ended marginally stronger against dollar, owing to dollar sale by exporters and banks. Traders took some support with FICCI’s latest Survey that India's GDP growth rate is expected to rise to 6.2 percent in the second quarter of the current fiscal as the adverse impact of demonetisation and GST appears to be bottoming out. Besides, a private report stating that the economy is likely to clip at 8 percent next fiscal as the massive bank recapitalisation will help revive the long-stalled credit demand and private investments, also supported the local currency. Though, lackluster trade in the equity markets limited further appreciation of Indian currency. On the global front, dollar held steady versus yen on Tuesday and held above a two-month low, with the near-term focus on a possible Senate vote on a US tax plan later in the week.
Finally, the rupee ended at 64.41, 9 paise stronger from its previous close of 64.50 on Monday. The currency touched a high and low of 64.60 and 64.35 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.42 and for Euro stood at 76.69 on November 28, 2017. While the RBI's reference rate for the Yen stood at 57.94, the reference rate for the Great Britain Pound (GBP) stood at 85.84. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
