Indian rupee bounced back on bouts of dollar selling by banks and exporters on Tuesday, snapping its three-day losing streak. Meanwhile, weakening of dollar against other currencies overseas too supported the domestic currency. Besides, the rally in the local equity markets after two straight sessions of correction aided to the positive milieu of Indian currency, as foreign investors have sold Indian stocks worth nearly Rs 5,000 crore in the past five sessions on sustained global risk-off trend along with some domestic concerns. On the global front, euro rose for a third straight day against the dollar on Tuesday, as expectation that the US Federal Reserve will raise interest rates next week faded.
Finally, the rupee ended at 66.54, 29 paise stronger from its previous close of 66.83 on Monday. The currency touched a high and low of 66.79 and 66.53 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.60 and for Euro stood at 74.60 on September 8, 2015. While, the RBI’s reference rate for the Yen stood at 55.60, the reference rate for the Great Britain Pound (GBP) stood at 102.3002. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
