Indian rupee appreciated against the American currency due to selling of dollar by exporters as well as banks. Rupee was moving in a narrow range with traders looking ahead to important G20 meeting scheduled during this weekend. Some support came with report that the Reserve Bank of India (RBI) has decided to inject a higher amount of Rs 40,000 crore through purchase of government securities under open market operations (OMOs) in December 2018. Rupee sentiments were also buoyed with a report that the RBI Governor Urjit Patel told law makers that the note ban’s impact was transient and the economy is robust. He said the economy would get a boost from oil prices cooling off from four-year highs and asserted that the fundamentals were robust. Besides, strong gains in local equity markets also aided the currency’s appreciation. On the global front, the dollar rose versus most of its major peers, as concerns about Sino-U.S. trade tensions propped up safe haven currencies and as investors awaited cues from the US Federal Reserve on the path of future interest rate increases.
Finally, the rupee ended at 70.62, 17 paise stronger from its previous close of 70.79 on Tuesday. The currency touched a high and low of 70.89 and 70.58 respectively. The reference rate for the dollar stood at 70.68 and for Euro stood at 79.87 on November 28, 2018. While the reference rate for the Yen stood at 62.08, the reference rate for the Great Britain Pound (GBP) stood at 90.13. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
