Indian rupee continued its upward march for the third straight session on Monday, on persistent selling of the American currency by exporters. Investors even overlooked report that India’s fiscal deficit breached FY18 target at Nov-end by standing at 112% of Budget Estimates. The country’s fiscal deficit, the difference between government expenditure and revenue, stood at Rs 6.12 lakh crore for the period April-November 2017-18. Though, heavy selling in last hour of trade in the domestic equity markets limited further appreciation of Indian currency. Meanwhile, investors awaiting December Manufacturing PMI data which is scheduled to be release on January 02, 2018.
Finally, the rupee ended at 63.67, 20 paise stronger from its previous close of 63.87 on Friday. The currency touched a high and low of 63.87 and 63.63 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.66 and for Euro stood at 76.41 on January 01, 2018. While the RBI's reference rate for the Yen stood at 56.51, the reference rate for the Great Britain Pound (GBP) stood at 85.89. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
