Snapping its four day losing streak, Indian rupee bounced back on Monday on bouts of dollar selling by banks and exporters. The domestic currency looked strong from the very beginning and was supported by the recovery in the local equity markets in late morning trade. Though, the equity markets lost their way at the end, rupee maintained its momentum and ended higher. Meanwhile, investors remained cautious ahead of Reserve Bank of India’s (RBI) bi-monthly policy review tomorrow. On the global front, dollar held steady against the major currencies overseas as expectations of an upcoming U.S. rate hike continued to support the greenback and as investors eyed comments by several Federal Reserve officials scheduled later in the day.
Finally, the rupee ended at 66.04, 11 paise stronger from its previous close of 66.15 on Thursday. The currency touched a high and low of 66.15 and 66.01 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.08 and for Euro stood at 73.81 on September 28, 2015. While, the RBI’s reference rate for the Yen stood at 54.92, the reference rate for the Great Britain Pound (GBP) stood at 100.3168. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
