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Rupee ends stronger against dollar on Wednesday

09 Sep 2015 Evaluate

India rupee ended stronger against US currency on Wednesday on increased selling of dollar by banks and exporters. The domestic currency looked strong from the very beginning and was also supported by the local equity markets. Some support also came after PM Narendra Modi met India Inc on Tuesday, where he asked them to take risk and invest more as his government promised a broad range of steps including stepping up of investment in infrastructure and improving ease of doing business to attract global investment. On the global front, the yen fell for the third straight day on Wednesday as a rally in global stock markets sapped demand for safe-haven assets.

Finally, the rupee ended at 66.40, 14 paise stronger from its previous close of 66. 54 on Tuesday. The currency touched a high and low of 66.46 and 66.24 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.29 and for Euro stood at 73.98 on September 9, 2015. While, the RBI’s reference rate for the Yen stood at 55.07, the reference rate for the Great Britain Pound (GBP) stood at 101.8880. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

 

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