Indian rupee, after making a weak start recouped substantial ground and ended stronger against dollar on Tuesday mainly on account of dollar's weakness against other currencies overseas. However, disappointing GDP data for the third quarter of the current fiscal and weak local equities limited gains. India’s economic growth for the third quarter of this financial year slowed to a four-quarter low at 7.3%, from the revised 7.7% of the previous quarter. Meanwhile, Central Statistics Office (CSO) has said that Indian economy will grow at a 5-year high of 7.6 percent in the fiscal ending March, compared with 7.2 percent a year earlier, overtaking a slowing China, on the back of improvement in manufacturing and farm sectors. On the global front, yen rose on Tuesday to its highest against the dollar since November 2014, as a sell-off in global stocks and worries about Europe's banks stoked demand for safe-haven currencies.
Finally, the rupee ended at 67.90, 4 paise stronger from its previous close of 67.94 on Monday. The currency touched a high and low of 68.21 and 67.89 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.16 and for Euro stood at 76.38 on February 09, 2016. While the RBI’s reference rate for the Yen stood at 59.39, the reference rate for the Great Britain Pound (GBP) stood at 98.2696. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
