The rupee ended slightly lower on Monday after gaining massively in the last session on Friday.
The rupee ended slightly lower on Monday after gaining massively in the last session on Friday. The Indian rupee lost 8 paise or 0.12% to finish at 65.09 apiece against US Dollar at the interbank foreign exchange market today. During the day, the rupee hovered in a range of 64.96-65.12. The Reserve Bank of India today fixed the reference rate of the rupee at 65.0565 against the US dollar and 76.3633 for the euro. Earlier on Friday, rupee cheered the Moody’s sovereign credit rating upgrade, and posted the biggest single-day gain in last 4 years, in the intraday trade.
The rupee made a high of 64.6 before closing up 31 paise to end at a one-week high of 65.01 against the US dollar. At the close, it was the biggest single-day surge in six weeks, the domestic currency settled the day with a solid 31 paise gain. In a major development on Friday, US-based credit rating agency Moody’s upgraded India’s sovereign credit rating by a notch to ‘Baa2’ with a stable outlook on the back of improved growth prospects driven by economic and institutional reforms. The rating upgrade came after a gap of 13 years, Moody’s had last upgraded India’s rating to ‘Baa3’ way back in 2004. In 2015, the rating outlook was changed to ‘positive’ from ‘stable’.
Meanwhile, Indian stock markets ended flat on Monday but managed to end the session in green with minimal upside as investors await macroeconomic factors which may drive the momentum in upcoming sessions. In the month ahead, GDP growth rate is due on 30 November and RBI policy in the first week of December. BSE Sensex gained 17.1 points or 0.05% to end at 33,359.9 while NSE Nifty added 15.15 points or 0.15% to finish at 10,298.75. During the day, the benchmark Sensex shuttled between the range of 33,449.53 and 33,288.21 whereas the broader Nifty hovered between 10,309.85 and 10,261.5.