Snapping its previous session’s losses, Indian rupee ended stronger on Thursday on account of decrease in dollar demand from importers. The domestic currency looked strong from the very beginning and was supported by the massive gains in the local equity markets. Sentiment was also got boost following the statement from New York Fed President William Dudley that the prospect of a September rate hike "seems less compelling" than it was only weeks ago, given the threat posed to the US economy by the recent market turmoil. On the global front, dollar edged higher against the other major currencies on Thursday, as investors eyed the release of U.S. second-quarter economic growth data later in the day for further indications on the strength of the economy.
Finally, the rupee ended at 66.04, 10 paise stronger from its previous close of 66.14 on Wednesday. The currency touched a high and low of 66.14 and 65.86 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.06 and for Euro stood at 74.96 on August 27, 2015. While, the RBI’s reference rate for the Yen stood at 55.08, the reference rate for the Great Britain Pound (GBP) stood at 102.3475. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
