Indian rupee appreciated for the third consecutive session on Wednesday against dollar as investors continue to cheer the Reserve Bank of India's surprise repo rate cut by 0.50 per cent yesterday. The central bank mentioned that the prevalent conditions meet the criteria for further monetary easing, manifested by sharp fall in inflationary pressure, contained food prices and delay in the rate hike by US Federal Reserve. Besides, smart rally in local equity market also supported the domestic currency.On the global front, dollar was higher against the other major currencies, as investors eyed a speech scheduled later in the day by Federal Reserve Chair Janet Yellen for further indications on a potential U.S. rate hike in the coming months.
Finally, the rupee ended at 65.58, 37 paise stronger from its previous close of 65.95 on Tuesday. The currency touched a high and low of 65.87 and 65.58 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.74 and for Euro stood at 73.79 on September 30, 2015. While, the RBI’s reference rate for the Yen stood at 54.80, the reference rate for the Great Britain Pound (GBP) stood at 99.5331. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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