Recovering from a two-day fall Indian rupee ended stronger on Thursday, due to steady dollar demand from state-owned banks and importers and it remained resilient due to some speculated RBI actions. The domestic currency remained insulated from the equity markets fall, which continued their decline for the second straight session. On the global front, the euro strengthened against the other major currencies ahead of European session on Thursday, as traders expect that Greece would be able to make a deal with its international creditors to avoid Grexit from the Euro zone. The Greek government has requested a new three-year bailout from the European Stability Mechanism.
Finally, the rupee ended at 63.39, 20 paise stronger from its previous close of 63.59 on Wednesday. The currency touched a high and low of 63.57 & 63.39 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.50 and for Euro stood at 70.49 on July 9, 2015. While, the RBI’s reference rate for the Yen stood at 52.30, the reference rate for the Great Britain Pound (GBP) stood at 97.85. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
