Rupee gains further, ends at fresh 2-month high against US dollar today

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Published: November 28, 2017 5:34:26 PM

The Indian rupee gained 9 paise to conclude at a fresh 2-month high against the US dollar on Tuesday after trading weak in the opening session.

The Reserve Bank of India on Tuesday fixed the reference rate of the rupee at 64.4206 against the US dollar. (Image: Reuters)

The Indian rupee gained 9 paise to conclude at a fresh 2-month high against the US dollar on Tuesday after trading weak in the opening session. The rupee opened about 7 paise down today but within an hour of trading, the Indian currency regained momentum and settled higher. The Indian rupee gained 9 paise to end at 64.41 against the US dollar at interbank foreign exchange market on Tuesday. During the day, the domestic currency made a high of 64.35 apiece US dollar. Earlier on Monday, the Indian rupee gained 21 paise against the US dollar on Monday led by the weakening in the US dollar. The Reserve Bank of India on Tuesday fixed the reference rate of the rupee at 64.4206 against the US dollar.

In a major development today, the Ministry of Finance on Tuesday said that Finance Minister Arun Jaitley will meet with representatives of various stakeholder groups from 5 December 2017. “Union Finance Minister Shri Arun Jaitley will start holding his Pre-Budget Consultation Meetings with different stakeholder Groups w.e.f. 5th Dec,2017. His First Meeting would be with representatives of different Agriculture Groups followed by with representatives of Trade Unions,” the Ministry of Finance tweeted on Tuesday.

Meanwhile, Arun Jaitley on Tuesday said that the country had reconciled with the fact that formalisation of the economy would take an eternity, but government’s push for a cashless society gave the much-needed shake-up. Speaking at an event by popular mobile-wallet PayTm, the Finance Minister said, “We had almost reconciled with the fact that the economy would be substantially informal, it will take decades and centuries to formalise, and that no shakeup from the system was required.”

“We waited for the economy to formalise at its own pace, till the cows came home,” Arun Jaitley said adding that several initiatives by the Narendra Modi government led to a chain-reaction, which expedited formalisation of the economy. “The habit of dealing only in cash is gradually changing; therefore we require a shake-up,” he said.

Indian stock markets ended down on Tuesday snapping the eight-day winning streak ahead of the GDP growth data which is slated to be announced on 30 November. BSE Sensex lost 105.85 points or 0.31% to finish at 33,618.59 whereas NSE Nifty concluded down 29.3 points or 0.28% at 10,370.25. The slump in the shares of Infosys, Reliance Industries, ICICI Bank and ITC dragged the key indices down. The attention of market participants seemed to turn towards the GDP growth data.

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