Indian rupee made a smart bounce back and ended near its strongest level on Thursday, the rupee made a positive start and kept on strengthening through the session supported by surge in the global as well as local equity markets. Rupee also got some support with dollar selling by the foreign bank besides gains in other currencies against the dollar overseas, after Fed's new guidance on rates suggested it will wait until at least two meetings before raising rates. Capital outflow which has gained pace in last session too got a halt and helped the domestic currency. In the global markets, Switzerland’s franc weakened the most in nine months versus the euro, on the other hand euro declined for a second day against the dollar.
Finally the rupee ended at 63.11, stronger by 51 paise from its previous close of 63.62 on Wednesday. The currency touched a high and low of 63.38 and 63.10 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.31 and for Euro stood at 78.10 on December 18, 2014. While, the RBI’s reference rate for the Yen stood at 53.39, the reference rate for the Great Britain Pound (GBP) stood at 98.6781. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
