Indian rupee trimmed its initial gains and ended flat with positive bias against dollar on Thursday on fresh selling of American currency by banks and exporters. Further, gains in the domestic equity market also helped rupee to strengthen against the dollar. However, dollar’s strength against other currencies overseas capped the rupee gains. The sentiments were on optimistic note after Moody’s Investors' Service stated that Indian economy will grow at 7.5% in 2016 and 2017. On the global front, euro made tentative gains against its US counterpart on Thursday, as a raft of positive economic data provided a boost to the single currency.
Finally, the rupee ended at 68.46, 1 paise stronger from its previous close of 68.38 on Wednesday. The currency touched a high and low of 68.58 and 68.34 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.49 and for Euro stood at 76.32 on February 18, 2016. While the RBI’s reference rate for the Yen stood at 60.15, the reference rate for the Great Britain Pound (GBP) stood at 97.8642. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
