The dollar’s strength against some currencies overseas - following stronger-than-expected third-quarter US growth data, higher housing prices in September and a sharp rebound in consumer confidence in November capped the gains.
US GDP numbers came in at 3.2pc in the September quarter raising hopes of a rate hike next month. Euro will very much remain in focus, as we approach Italian constitutional reform referendum on December 4th. Meanwhile, ECB announced that it is ready to purchase more Italian bonds, if the situation in the financial markets turn adverse post results of the referendum. Effectively, Italian bond yields have moved lower, deriving relief from ECB’s assurance.
In India, September quarter domestic GDP growth will be in focus; the impact of demonetisation will be known only next quarter.
The local unit hit a high of 68.78/$ and a low of 68.85/$ 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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