Indian rupee, appreciated for second session against dollar on Wednesday on fresh selling of American currency by banks and exporters, amid losses in local equities. The rupee wiped off its initial losses and ended tad strong. Meanwhile, investors got some support with the report that the SBI Composite Index, an indicator for tracking India's manufacturing activity in the country bounced back and entered the expansion territory with the yearly SBI composite index for February 2016 inching up to 51.3 (moderate growth) from 47.3 (low decline) in January 2016. However, investors remained cautious ahead of the Railway Budget on February 25 and Union Budget scheduled on 29 February. On the global front, yen gained against key peers like the dollar and euro on Wednesday as sagging stocks and crude oil drove bids for the safe-haven currency.
Finally, the rupee ended at 68.56, 2 paise stronger from its previous close of 68.58 on Tuesday. The currency touched a high and low of 68.64 and 68.49 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.56 and for Euro stood at 75.46 on February 24, 2016. While the RBI’s reference rate for the Yen stood at 61.27, the reference rate for the Great Britain Pound (GBP) stood at 95.8127. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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