Indian rupee strengthened further against dollar on Thursday amid bouts of dollar selling by banks and exporters on revived hopes of Greece striking a deal with international creditors. The domestic currency once again made a soft start but recovered despite choppy trading in the local equity markets and Reserve Bank of India governor Raghuram Rajan’s statement that the rupee may see some indirect impact from the Greece crisis. On the global front, the dollar, hit a three-week high against a basket of major currencies on expectations for the Federal Reserve to lift interest rates.
Finally the rupee ended at 63.51, 9 paise stronger from its previous close of 63.60 on Wednesday. The currency touched a high and low of 63.66 and 63.50 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.57 and for Euro stood at 70.35 on July 2, 2015. While, the RBI’s reference rate for the Yen stood at 51.52, the reference rate for the Great Britain Pound (GBP) stood at 99.2018. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
