Indian rupee appreciated against US dollar on Monday, as fresh sale of the US currency by exporters paced up. Local currency got some support with Niti Aayog Vice-Chairman Rajiv Kumar’s statement that the growth rebound shows that the economy has come out of the woods and economic expansion for the full year will come in at 6.5-7 percent. Besides, gains in the rupee were also due to local equity markets which somehow managed a positive close. However, dollar’s strength against major global currencies overseas capped the rupee’s gain. Meanwhile, investors remained on sidelines ahead of RBI monetary policy meeting which is scheduled to begin on December 05. On the global front, dollar rose against a trade-weighted basket of currencies on Monday after the US Senate approved a tax overhaul at the weekend, though the gains were limited by doubts that interest rates would rise as a result.
Finally, the rupee ended at 64.37, 9 paise stronger from its previous close of 64.46 on Thursday. The currency touched a high and low of 64.53 and 64.28 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.37 and for Euro stood at 76.37 on December 4, 2017. While the RBI's reference rate for the Yen stood at 57.04, the reference rate for the Great Britain Pound (GBP) stood at 86.63. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
