Indian rupee, after making a flat start, recouped a lot of its lost ground and concluded strong against dollar on Thursday on fresh selling of US currency by exporters and banks in the backdrop of weakness of American currency overseas. However, consolidation in local equities to some extent prevented further appreciation of Indian currency to some extent. Nevertheless, gains of other Asian currencies also aided the sentiment. On the global front, emerging Asian currencies advanced on Thursday as the dollar changed direction and weakened as investors weighed what the minutes of the last Federal Reserve meeting mean for U.S. interest rates.
Finally, the rupee ended at 63.64, stronger by 18 paise from its previous close of 63.82 on Wednesday. The currency touched a high and low of 63.82 and 63.62 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.70 and for Euro stood at 70.66 on May 21, 2015. While, the RBI’s reference rate for the Yen stood at 52.59, the reference rate for the Great Britain Pound (GBP) stood at 98.9197. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
