Rupee ends higher by four paise against US Dollar

India Infoline News Service | Mumbai | December 01, 2016 17:22 IST

The Indian rupee closed higher by 4 paise at 68.34/$. The local unit hit a high of 68.44/$ and a low of 68.64/$ today.

The Indian rupee erased its morning losses on mild dollar selling by banks and importers. Besides, dollar's strength against other currencies overseas capped the rupee's gains.

The Nikkei/ Market Manufacturing Purchasing Managers' Index fell to 52.3 in November from October's 54.4, its biggest month-on-month decline since March 2013.

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 4 paise at 68.34/$. The local unit hit a high of 68.44/$ and a low of 68.64/$ today.

The Reserve Bank of India’s Reference Rate for the US Dollar was Rs 68.37 as on December 1, 2016 while for the Euro it was 72.62. The RBI’s reference rate for the Yen stood at 60.01; reference rate for the Great Britain Pound (GBP) stood at 85.6992.
 

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