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Rupee rises for third straight day
Nov-15-2018

Rising for the third consecutive day, Indian rupee ended considerably stronger against dollar on Thursday, on continued selling of the American currency by exporters and banks and easing crude oil prices. Sentiments remained buoyant with Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra’s statement that direct tax collection has already crossed Rs 5 lakh crore that is 44% of the net direct tax collection target and will exceed the budgeted target of Rs 11.5 crore set for the current fiscal. Some support also came from top banker Uday Kotak’s statement that the country has been under a lot of pressure due to higher-than-$60 a barrel oil price in last one year but the latest retreat is giving a lot of comfort to India. Besides, positive trend in equity market too supported the rupee. On the global front, dollar jumped and traders bought into the safe-haven yen on Thursday after Britain's Brexit deal with the European Union was plunged into uncertainty, spooking investors.

Finally, the rupee ended at 71.97, 34 paise stronger from its previous close of 72.31 on Wednesday. The currency touched a high and low of 72.18 and 71.87 respectively. The reference rate for the dollar stood at 72.16 and for Euro stood at 81.82 on November 15, 2018. While the reference rate for the Yen stood at 63.55, the reference rate for the Great Britain Pound (GBP) stood at 93.95. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

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