Indian rupee strengthened further to hit a fresh three-month high against the US dollar on Thursday, tracking gains in its Asian peers after comments by Federal Reserve Chairman Jerome Powell. Sentiments remained up-beat with private report stating that the RBI won't raise interest rates until at least April, much later than thought just one month ago and rise will probably be a one-and-done. Traders also took note of Niti Aayog Vice-Chairman Rajiv Kumar’s statement that India will have to undertake more reforms and try harder to grow at over 8%. He also pointed out that the government needs to invest more in the country’s statistical system. Besides, good going in the local equity markets coupled with softening crude oil price revived forex market sentiments. On the global front, pound sank on Thursday amid concerns about the UK parliament’s vote on Brexit and after the Bank of England warned of risks to the currency if Britain leaves the European Union in a disorderedly manner.
Finally, the rupee ended at 69.85, 77 paise stronger from its previous close of 70.62 on Wednesday. The currency touched a high and low of 70.15 and 69.78 respectively. The reference rate for the dollar stood at 69.91 and for Euro stood at 79.58 on November 29, 2018. While the reference rate for the Yen stood at 61.71, the reference rate for the Great Britain Pound (GBP) stood at 89.73. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
