Indian rupee ended at two-week high against US dollar on Monday taking its winning streak for third straight session, after crude oil prices posted its biggest drop in about a year and the US-Korea summit appears to be back on track. Traders took encouragement with CARE Ratings’ report stating the country’s industrial output is expected to log five to six per cent growth in this fiscal, bettering 4.3 per cent growth rate clocked in the previous fiscal. Adding some optimism among the investors, Finance Minister Arun Jaitley said that India has transformed from being a part of the ‘fragile five’ to the ‘bright spot’ on the global economic stage. He added that the government will now focus on consolidation of the initiatives taken in the past. On the global front, dollar index ended higher against some of its rivals as investors awaited Federal Reserve Bank of St. Louis President James's speech scheduled on Tuesday and the U.S. Non-Farm Payrolls due on Friday.
Finally, the rupee ended at 67.42, 35 paise stronger from its previous close of 67.77 on Friday. The currency touched a high and low of 67.53 and 67.29 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.44 and for Euro stood at 79.00 on May 28, 2018. While, the RBI’s reference rate for the Yen stood at 61.57, the reference rate for the Great Britain Pound (GBP) stood at 89.88. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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