Indian rupee, after making a weak start, recouped all its losses and ended stronger on Wednesday on dollar sales by banks and exporters, while weak trade in local equities failed to cast any impact on the currency. Sentiments got robust after the World Bank report which stated that India now ranks 130th out of 189 countries in the ease of doing business, moving up 12 places from last year. On the global front, the dollar edged closer to a 2-1/2-month high against a basket of currencies on Wednesday as traders awaited clues from the Federal Reserve about the timing of a U.S. interest rate increase.
Finally, the rupee ended at 64.92, 4 paise stronger from its previous close of 64.96 on Tuesday. The currency touched a high and low of 65.09 and 64.91 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.04 and for Euro stood at 71.75 on October 28, 2015. While, the RBI’s reference rate for the Yen stood at 54.01 the reference rate for the Great Britain Pound (GBP) stood at 99.5840. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
