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  1. Rupee rallies for 3rd consecutive day, marks 3-month high against US dollar today

Rupee rallies for 3rd consecutive day, marks 3-month high against US dollar today

The Indian rupee remains unaffected by the North Korean ballistic missile launch on Wednesday. The rupee continued to rise for the third consecutive day and marked a three month high vs US dollar in today's trade.

By: | Published: November 29, 2017 5:36 PM
India’s central bank Reserve Bank of India fixed the reference rate of the rupee at 64.4058 against the US dollar. (Image: Reuters)

The Indian rupee remains unaffected by the North Korean ballistic missile launch on Wednesday. The rupee continued to rise for the third consecutive day and marked a three month high vs US dollar in today’s trade. The Indian rupee gained 9 paise to close at 64.32 against US dollar at the interbank foreign exchange market on Wednesday. During the day, rupee made a high of 64.28 apiece US dollar. Yesterday also, the domestic currency edged up 9 paise to hit a fresh 2-month high. Today, India’s central bank Reserve Bank of India fixed the reference rate of the rupee at 64.4058 against the US dollar.

The US dollar dropped against a basket of currencies on Wednesday, dragged by the stronger sterling while the benchmark crude oil prices are now inched towards $60 a barrel. Oil prices tripped on Wednesday with Brent crude futures falling 34 cents to $63.27 a barrel. Earlier yesterday, 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.

Meanwhile, Indian stock markets closed lower on Wednesday in a dull and rangebound trading activity as investors remain cautious after the North Korea fired its powerful missile. The sentiments were also muted ahead of Q2 GDP data and F&O expiry due on 30 November. BSE Sensex shed 15.83 points or 0.05% to end at 33,602.76 whereas NSE Nifty shaved off 8.95 points or 0.09% to settle at 10,361.3. A colourless trade was also witnessed among the Asian markets excepting Japanese equity benchmark Nikkei. During the day, the benchmark Sensex made traded between a range of 33,728.81 and 33,553.12. The profit booking in the shares of HDFC, Axis Bank, State Bank of India and Tata Consultancy Services led the 30-share barometer to lose about 90 points while an uptick in HDFC Bank, ITC, ICICI Bank and Reliance Industries helped to trim the losses.

Today morning, stock markets in India along with China, Japan, Hong Kong and even South Korea came under pressure as investors feared the latest missile launch by North Korea which the nation also claimed to be most powerful so far.

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