INSUBCONTINENT EXCLUSIVE:
Selling of the US currency by exporters, softening of crude oil prices and upbeat economic numbers pushed the rupee higher
Easing of concerns over the rift between the government and the Reserve Bank of India (RBI) also supported the rupee's recovery, forex
dealers said.At the Interbank Foreign Exchange (Forex) market, the domestic unit opened higher at 73.88, then gained further ground and
settled for the day at 73.45, registering a jump of 50 paise.On Wednesday, the rupee had plunged 27 paise to close at a nearly three-week
low of 73.95 as the dollar strengthened against major global currencies amid steady capital outflows.The Finance Ministry Wednesday said the
government has "nurtured and respected" autonomy of the central bank and has been holding extensive consultations with it on many issues.On
the economy front, the Goods and Services Tax (GST) collections for October crossed Rs 1-lakh crore mark, while India leapfrogged 23 places
to the 77th rank in World Bank's latest Ease of Doing Business rankings.Manufacturing PMI also strengthened in October as firms scaled up
production and employment amid strong rise in new business order flows."Rupee reacted positively with a sharp appreciation of 50 paise
Today's gain is the highest one day gain for rupee against dollar since October 12, 2018," said VK Sharma, head PCG capital markets group,
HDFC Securities.Crude oil prices moderated amid increase in supply and growing concerns that demand might weaken on the prospect of a global
economic slowdown.Brent crude, the international benchmark, was trading 0.95 per cent lower at $74.33 per barrel.Meanwhile, foreign funds
pulled out Rs 193.65 crore from the capital markets on a net basis Wednesday, while domestic institutional investors bought shares worth Rs
1,124.92 crore, provisional data showed.
