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Rupee extends gains for third straight session

26 Mar 2018 Evaluate

Extending gains for the third straight session, Indian rupee ended stronger against dollar on Monday, owing to dollar sale by exporters and banks. Market participants got some comfort with finance ministry’s statement that India is on track to doubling the size of its economy to $5 trillion by 2025. Economic Affairs Secretary Subhash Chandra Garg said that the country is well poised to click a growth rate of 7-8 percent and with focus on start-ups, MSMEs and infrastructure investment it can step on to higher growth pedestal. Besides, last hour recovery in local equity markets also influenced the rupee sentiments. On the global front, the pound strengthened against its major counterparts on Monday amid risk appetite, as fears over a trade war eased after news that US and China have began talks for refining access of American goods to China.

Finally, the rupee ended at 64.86, 15 paise stronger from its previous close of 65.01 on Friday. The currency touched a high and low of 64.95 and 64.80 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.90 and for Euro stood at 80.25 on March 26, 2018. While the RBI’s reference rate for the Yen stood at 61.82, the reference rate for the Great Britain Pound (GBP) stood at 91.86. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

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