Indian rupee appreciated on Thursday on account of dollar sales by banks and exporters in view of weakness of dollar overseas against the basket of other major currencies. However, losses of local equities limited further appreciation of Indian currency. On the global front, US dollar slipped against the basket of major currencies on Wednesday after weak US economic data led traders to buy back the euro and sell the dollar on uncertainty over the timing of the Federal Reserve’s first interest rate hike in nearly a decade.
Finally the rupee ended at 62.30, stronger by 7 paise from its previous close of 62.37 on Wednesday. The currency touched a high and low of 62.39 and 62.28 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.36 and for Euro stood at 66.55 on April 16, 2015. While, the RBI’s reference rate for the Yen stood at 52.27, the reference rate for the Great Britain Pound (GBP) stood at 92.4426. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
