The Indian rupee strengthened on Monday to hit over three-week high against the US dollar on dollar selling by banks and exporters. Also, a higher opening in stock market bolstered the rupee sentiment. However, the dollar’s strength against other currencies overseas capped the gains.
The currency gained for the sixth consecutive session, its longest winning streak since February.
The rupee opened at 64.71 a dollar and touched a high of 64.69. Currently, the rupee is trading higher by 30 paise at 64.73 against US Dollar.
On the global front, US dollar derived cues from mixed macroeconomic numbers. Although CPI for September rose by 2.2% on YoY basis, the rise in Core CPI remained unchanged at 1.7%. Higher gasoline prices (due to hurricanes) contributed to the inflationary pressure, which may not be replicated during October. Meanwhile, consumer spending remains strong, manifested by 1.6% (mom) rise in retail sales for September.
Sterling registered a high of $1.3338 at one point of time on Friday in the wake of speculation that the UK will be offered a two-year transition deal by EU.
The currency touched a high and low of 64.77 and 64.84 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.93 and for Euro stood at 76.87. While the RBI’s reference rate for the Yen stood at 58.01, the reference rate for the Great Britain Pound (GBP) stood at 86.3051.
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