Indian rupee recouped all its early losses to end modestly higher on Wednesday, extending last session gains amid bouts of dollar selling by banks and exporters. The domestic currency showed smart recovery once the local equity markets started moving higher overlooking development in Greece, on some upbeat economic data. The Centre’s fiscal deficit stood at Rs 2.08 lakh crore, or 37.5 per cent of the 2015-16 Budget estimate of Rs 5.56 lakh crore, compared with 45.3 per cent in the corresponding period last year. On the global front, Euro edged lower against dollar after Greece became the first advanced economy to ever be in arrears to the IMF.
Finally the rupee ended at 63.60, 4 paise stronger from its previous close of 63.64 on Tuesday. The currency touched a high and low of 63.68 and 63.55 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.62 and for Euro stood at 70.76 on July 1, 2015. While, the RBI’s reference rate for the Yen stood at 51.85, the reference rate for the Great Britain Pound (GBP) stood at 99.8934. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
