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Rupee strengthens for second straight session on Wednesday
Nov-14-2018

Continuing strong recovery momentum for the second day, Indian rupee ended considerably stronger against dollar on Wednesday, after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation. Traders took support with Prime Minister Narendra Modi stating that financial inclusion has become a reality for 1.3 billion Indians as he pitched India as a favourite investment destination at the Fintech Festival. The market participants overlooked data indicating that Inflation based on wholesale prices rose to over 4-month high of 5.28 percent in October on rising prices of crude, natural gas, fuel and power although food prices have softened. On the global front, euro hovered below $1.13 on Wednesday as Italy re-submitted its draft budget for next year to the European Commission and traders prepared for economic growth numbers due out later.

Finally, the rupee ended at 72.31, 36 paise stronger from its previous close of 72.67 on Tuesday. The currency touched a high and low of 72.40 and 71.99 respectively. The reference rate for the dollar stood at 72.10 and for Euro stood at 81.43 on November 14, 2018. While the reference rate for the Yen stood at 63.31, the reference rate for the Great Britain Pound (GBP) stood at 93.69. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

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