The year 2017 ended on a positive note with the Indian currency reaching the highest point in the last four months. It has hiked 21 paise and has reached 63.87 a dollar after the closing of this year. Since September 8, 2017, it is the highest closing amount. The rupee has seen a hike in the past few years, 405 paise to be precise, which integrates to 5.96%. Last year, the end-level value was 67.93.
2017 brought a new beginning for the economy of India as compared to the other Asian countries after an interval of 6 long years. Dollar untangling by banks, forcible local equities, and exporters contributed to the delay.
The dynamic capital inflows made sure the country experiences a new beginning for the home currency. The economy is approaching gradually yet steadily towards the cashless economy. The rupee has outperformed every other currency and has proved its potential against all the odds of the global currency volatility and cyclical slowdown against the powerful elasticity of the US political headline.
On the last working day of the year at the FOREX, the rupee initiated its journey with a timid 64.05, which closed on Thursday at 64.08. Throughout the day, it worked against the 64 key resistance levels to reach a peak of 63.87, marking a hike of 0.33%. The reference rate of RBI was fixed at 63.9273 for dollar and 76.3867 for euro.
This year, Sensex & Nifty also crossed the levels of 34,000 and 10,500, respectively, for the first time. It blew away the anticipations regarding the global uncertainties and corporate earnings. Though the initiation of the year was not feasible for the home currency after the effect of demonetization, the year concluded on a positive note after the currency got a boost and broke the stall of 6 years, breaking all the negativities that acted against the hike.