Indian rupee pared some of its gains of last session on slightly increased dollar demand. The domestic currency that had inched higher against the US greenback in the preceding session amid fresh selling of dollars by banks and exporters, remained cautious and traded in a tight range ahead of the release of US existing home sales data later in the day, which would throw more light on probable rate hike from the US Fed. The rupee remained unaffected by the rally in the domestic equity markets. On the global front, the dollar steadied after losing more ground on Wednesday after profit-taking drove its biggest decline in a month in the previous session.
Finally, the rupee ended at 63.58, 3 paise weaker from its previous close of 63.55 on Tuesday. The currency touched a high and low of 63.66 and 63.53 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.52 and for Euro stood at 69.60 on July 22, 2015. While, the RBI’s reference rate for the Yen stood at 51.38, the reference rate for the Great Britain Pound (GBP) stood at 99.1931. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
