Indian rupee, which started off on a weaker note, recouped all its losses and ended stronger on Wednesday on the back of gains in local equities. Besides, selling of American currency by banks and exporters also added to the positive milieu of rupee. Sentiment further got some support from Finance Minister Arun Jaitley’s statement that the Indian economy is improving. On the global front, safe-haven yen was broadly higher amid anxiety about a slowdown in China and euro underperformed and was weaker ahead of European Central Bank meeting on Thursday.
Finally, the rupee ended at 67.21, 13 paise stronger from its previous close of 67.34 on Tuesday. The currency touched a high and low of 67.51 and 67.17 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.46 and for Euro stood at 74.06 on March 09, 2016. While the RBI’s reference rate for the Yen stood at 59.92, the reference rate for the Great Britain Pound (GBP) stood at 95.6965. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
