Snapping its two-day losing streak Indian Rupee bounced back on bouts of dollar selling by banks and exporters. Further, a weak dollar in overseas markets also supported the rupee sentiment. However, losses of local equities limited further appreciation of Indian currency On the global front, the dollar slid against euro and the yen, as the investors preferred low-yielding currencies euro and the yen for better returns.
Finally, the rupee ended at 66.21, 27 paise stronger from its previous close of 66.48 on Monday. The currency touched a high and low of 66.46 and 66.19 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.26 and for Euro stood at 74.78 on September 1, 2015. While, the RBI’s reference rate for the Yen stood at 55.05, the reference rate for the Great Britain Pound (GBP) stood at 101.9945. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
