Rupee gives up intraday gains but still ends slightly up against US dollar

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Published: January 18, 2018 5:37:36 PM

The Indian rupee gave up intraday session gains on Thursday but still ended up against the US dollar on Thursday, rising by 3 paise.

The Reserve Bank of India today fixed the reference rate of the rupee at 63.8431 against the US dollar on Thursday. (Image: Reuters)

The Indian rupee gave up intraday session gains on Thursday but still ended up against the US dollar on Thursday, rising by 3 paise. The rupee got appreciated by 3 paise to end at 63.86 apiece US dollar at the interbank foreign exchange market on Thursday. During the day, the domestic currency advanced as much as by 14 paise to the day’s high at 63.75 against the US dollar on Thursday. The Reserve Bank of India today fixed the reference rate of the rupee at 63.8431 against the US dollar. In the opening session, the rupee surged 3 paise to began at 63.86 vs the US dollar. Earlier yesterday, the rupee bounced back in style after a brief overnight crash and ended higher by 16 paise at 63.88 against the US dollar.

The government’s decision to slash its additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore, estimated earlier, literally brought some much-needed relief for the battered forex market. The Indian rupee suffered its biggest single-day fall in eight months on Tuesday and endured some turbulent trading across Asian forex region, hit hard by trade deficit worries which widened to a three-year high on higher oil and gold imports. The rupee had lost 55 paise, or nearly 1% to end at a fresh two-week low of 64.04 against the US dollar on Tuesday.

Meanwhile, Indian stock markets continued the record-breaking run on Thursday with Sensex and Nifty settling at fresh closing highs on reports that government is considering raising FDI limit in banks. BSE Sensex ended at a record high of 35,260.29 rising by 178.47 points or 0.51% higher while NSE Nifty surged 28.45 points or 0.26% to finish at a fresh peak of 10,817. Shares of ITC, HDFC Bank, HDFC, M&M, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank and TCS emerged as the notable gainers on Thursday, rising up to 2.7%. In the intraday trades, stock markets traded higher up until 2:00 pm, but soon in the afternoon session, select large-cap and most mid-cap stocks fell into negative territory limiting the rise in the headline indices.

Check what happened in Indian stock markets today | Thrilling Thursday: Sensex ends at record high of 35,260 after kissing 35,507; mid-cap shares bleed

The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, will hold its 25th meeting in New Delhi today, nearly 10 days ahead of the Budget 2018 and is likely to take decisions of key issues, besides brainstorming on the Union Budget 2018. Inclusion of real estate under the new tax regime, tax rate cut on 70 more items and simplification of filing of returns likely be on priority.

The Council, comprising of states’ finance ministers, will give its nod for GST law amendments which could be taken up for consideration and passage in the Budget session starting January 29, PTI quoted unidentified sources said. Among other things, the Council will review the preparedness of GST Network (GSTN) in handling the return filing process as well as for implementing the e-way bill system with effect from February 1.

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