Snapping its two-days losing streak, Indian rupee bounced back against greenback due to increased selling of the American currency by exporters and banks. Besides, gains in equity market too supported the rupee sentiment. Investors got some support with global rating agency Fitch’s statement that India will continue to post good growth despite subdued prospect for the Asia Pacific region amid expected rise in US rates, dollar strength, and lower commodity prices. Meanwhile, investors awaited the outcome of the two-day rate-setting meeting of the US Federal Reserve, which begins later in the day. On the global front, euro moved to a seven-week high against the dollar, its best level since the end of October, as the Fed was set to begin its two-day meeting.
Finally, the rupee ended at 66.93 17 paise stronger against its previous close of 67.10 on Monday. The currency touched a high and low of 67.11 and 66.92 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.04 and for Euro stood at 73.92 on December 15, 2015. While, the RBI’s reference rate for the Yen stood at 55.49 the reference rate for the Great Britain Pound (GBP) stood at 101.6715. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
