Rupee drops by 10 paise at 68.48/$

India Infoline News Service | Mumbai | December 01, 2016 09:08 IST

The local unit hit a high of 68.61/$ and a low of 68.63/$ today.

The Indian rupee opened lower by 10 paise at 68.48/$ against the previous close of 68.37/$.

Indian economy regained momentum during the second quarter of this fiscal year, with GDP growing at 7.3% (yoy), higher than the reading of 7.1% during the prior quarter. India's infrastructure output accelerated to its fastest growth in half a year rising 6.6pc yoy in October.

Greenback continues to maintain its ascent against the basket of currencies, with weakness intensifying particularly in Yen. Euro also lost ground. The US dollar surged to a 9-month high against the yen and also gains against the euro and Swiss Franc after a surge in oil prices pushed US treasury yields higher.

The Indian rupee closed higher by 27 paise. The local unit hit a high of 68.61/$ and a low of 68.63/$ today.

The Reserve Bank of India’s Reference Rate for the US Dollar was Rs.68.52 as on November 30, 2016 while for the Euro it was 72.84. The RBI’s reference rate for the Yen stood at 69.79; reference rate for the Great Britain Pound (GBP) stood at 85.5342.  
 

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