Snapping its two-days losing streak, Indian rupee bounced back against dollar on Tuesday on continued dollar selling by banks and exporters amid gains in the Asian currencies market. The domestic currency looked strong from the very beginning, but the weak trade in the local equity market capped some rupee gains. Investors got some encouragement with finance minister Arun Jaitley’s statement that the problem of non-performing assets will improve within a ‘reasonable time’ on account of the recent measures taken by the Reserve Bank of India and the government. On the global front, dollar hovered near an 8-month peak against a basket of currencies on Tuesday, one expectations that the U.S. Federal Reserve is on course to raise interest rates in December.
Finally, the rupee ended at 66.32, 16 paise stronger from its previous close of 66.48 on Monday. The currency touched a high and low of 66.46 and 66.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.38 and for Euro stood at 70.55 on November 24, 2015. While, the RBI’s reference rate for the Yen stood at 54.10 the reference rate for the Great Britain Pound (GBP) stood at 100.4523. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
