Indian rupee, though cooled off from five week high level scaled during the session, but ended substantially stronger on Monday on account of increased selling of the American unit by exporters and banks amid sustained foreign fund inflows. Broad dollar losses, record high close of local equities combined with strength of Asian currencies, mainly worked in the favour of Indian currency. Besides, RBI’s intervention also has been speculated behind the appreciation of Indian currency in today’s trading session, however the dollar sales by some exporters limited currency’s gains. On the global front, sterling depreciated to its lowest in nearly 10 months on Monday amid worries about political uncertainty after an opinion poll showed supporters of Scottish independence from Britain taking the lead for the first time since the referendum campaign began.
Finally the rupee ended at 60.29, stronger by 10 paise from its previous close of 60.40 on Friday. The currency touched a high and low of 60.35 and 60.19 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.26 and for Euro stood at 77.94 on September 8, 2014. While, the RBI’s reference rate for the Yen stood at 57.33, the reference rate for the Great Britain Pound (GBP) stood at 97.5112. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
