Indian rupee continued its stellar rally for the seventh-straight day and ended near three-month high against US dollar on Thursday, on frantic selling of the US currency by exporters and banks. A muted show by the greenback against other currencies overseas as well as the recent fall in prices of crude oil added momentum to the rupee. Traders also took note of a private report showing that India is now the second-fastest growing innovator after China among major Asian countries, with patent publication nearly doubling in a decade. Market participants shrugged off private report that India could see two rate hikes in the initial monetary policies of next financial year. On the global front, dollar was broadly lower in Asian trade on Thursday as demand for safe haven currencies declined after a rebound in global equities and the euro strengthened on hopes for a resolution of Italy's budget dispute.
Finally, the rupee ended at 70.69, 77 paise stronger from its previous close of 71.46 on Tuesday. The currency touched a high and low of 71.19 and 70.68 respectively. The reference rate for the dollar stood at 71.17 and for Euro stood at 81.18 on November 22, 2018. While the reference rate for the Yen stood at 62.97, the reference rate for the Great Britain Pound (GBP) stood at 91.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
